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Newly Self-Employed - The Basics Business Education & Support Team | Mayl 2010 | 1
[PDS] Selling your Work
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Vance Crawley, Business Advisor, HMRC.Vance talks about registering as self employed in order to sell, the advantages of doing this, and how the process works.
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1. Newly Self-Employed -The Basics Business Education &
Support Team |Mayl 2010|
2. How do I tell you that Ive started?
You can register in three ways.
By phoning the Helpline for the Newly Self-Employed on08459 154
515.
By completing a form CWF1.
Online
atwww.hmrc.gov.uk/selfemployed/iwtregister-as-self-employed.htm
You must Register immediately!
3. What do I have to pay?
Class 2 National Insurance
Class 4 National Insurance
4. Class 2 National Insurance
Class 2 NICs is 2.40 per week
Paid by Quarterly Bill or Monthly Direct Debit
Small Earnings Exception is available if annual profits are
expected to be less than 5075
5. Class 4 NICs 2010/11
8% on taxable profits between 5715 and 43875
1% on taxable profits above 43875
For Example: Profit 12,000
Tax Due: 6,285 @ 8% = 502.80
6. Income Tax Rates
Basic Rate 20% of taxable income up to 37,400
Higher Rate 40% above 37,401
Additional Rate 50% above 150,001
For Example: Profit 12,000
Less PersonalAllowance6,475
Tax Due: 5,525 @ 20% = 1105.00
7. What exactly is a Tax Return?
A Tax Return is a record of your total income from all
sources.For Example:
8. When will I get my Tax Return?
6 April 10 to 5 April 11 Date of Starting
6 April 2011 Tax Return or notice Issued
31 October 2011 Filing Date for Paper Returns
31 January 2012 Filing Date for Online Returns
9. Record keeping
There are three steps to remember.
Keep your system up to date.
Retain your records for five years from the relevant statutory
filing date.
10. Day to Day Expenditure
Telephone, postage and stationary
11. Registering for VAT
You must register for VAT if
your turnover of taxable supplies reaches, or is likely to
reach the VAT registration threshold, currently 70,000.
you have taken over an existing business as a going concern
which is already registered
National Advice Service 0845 010 9000
12. |May 2010| 13. Further help and guidance
HMRC Website:www.hmrc.gov.uk
Workshops 0845 603 2691 orwww.hmrc.gov.uk/bst
Business Advice Open Days
Business Link:www.businesslink.gov.uk/taxhelp
Department for Business, Innovation and
Skills:www.bis.gov.uk(previously known as BERR and DTI)
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