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Where Taxpayers and Advisers Meet

Newly self employed. Am I on top of everything?

tommw
Posts:1
Joined:Fri Jan 30, 2015 2:21 pm
Newly self employed. Am I on top of everything?

Postby tommw » Fri Jan 30, 2015 2:24 pm

Hi,

I've been self employed since mid-November 2014, and just want to make sure I'm on top of everything before fully getting into the swing of the new year. I'm mainly self employed through one company, and have declared this online when registering for a Self Assessment reference (which I now have). I've registered for Self Assessment through the Government gateway too (just waiting on the activation code). As long as I keep track of my invoices and receipts throughout the year, there is nothing else I need to declare at this stage, right?

Also, I've heard I can set up a direct debit for Class 4 NI contributions even though the HMRC website says otherwise. Is this true?

Many thanks!

Tom

GlobalTaxAdviser
Posts:633
Joined:Fri Dec 05, 2014 1:18 am

Re: Newly self employed. Am I on top of everything?

Postby GlobalTaxAdviser » Fri Jan 30, 2015 11:22 pm

Hi Tom

Its a bit of a learning curve when starting up on your own. Yes keep proper records on a monthly basis (easily said than done) but it maybe worthwhile engaging a accountant in first year to make sure A) Doing everything correctly and claiming all possible costs. If you incur losses or have any assets then the accountant can advise the most tax efficient treatment Hopefully the tax savings should outweigh the fees from paying the accountant. Accountant can also help you with your cashflow.

NIC class 2 should be paid via direct debit but only if your profits are above £5885

Other considerations mainly for your employer to check out if you are an employee or indeed self employed.

Kind Regards

Sash

Mr Dell
Posts:24
Joined:Wed Aug 06, 2008 3:43 pm

Re: Newly self employed. Am I on top of everything?

Postby Mr Dell » Fri Jun 10, 2016 2:25 am

Apart from the fact you should have perhaps completed a 14-15 tax return and this was due in by the end of January 2016.


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