I’ll start off by saying, this is one of the most user friendly sites I’ve come across!
The only query I have is to do with HMRC. Please forgive me if I’m repeating a question that’s been asked many times before, but do I register as self employed when I’m also working a full time? Or is there another option? I called their helpline and I was informed, ‘wait time is approximately 35 minutes’
The HMRC site is pretty daunting for a newbie! Any info would be greatly appreciated!
Hi. Yes, even if you’re employed elsewhere, you still have to register as self-employed too, and complete a self-assessment tax return each year. HMRC are usually really helpful with any queries and I recommend attending their free courses for new businesses if you’re able to - they’re very informative and cover all the basics.
or you can do most of it online. They have all the info there. I registered as self employed with them last year and also work full time. You can fill out your tax return and send it off online as well now.
Just make sure you keep plenty of paperwork about sales, expenses etc… so that you can work out all your figures.
Yep. Register within 3 months- can do it all online inc the tax return.
I also work full time but I’m also registered as self employed. I make over the £10,600 tax theshold in my full time job anyway- so it registering self employed as well basically just means I pay even more tax! Haha so you may want to log every single cost to help keep your tax down.
Only if yo are making a profit, so good reminder to make a clear note of all your expenses/ costs which can then be offset (it’s the only time that making a loss on paper if w good thing!)
To re-iterate @curiousseagull It is not only if you are making a profit. It is any earnings outside your main employment and then they tax you if you make a profit.
I work full-time - I do not make a profit but I still had to register. If you don’t make a profit when you submit your tax return you get money back. When you do your tax return you need to include your P60 from your main employment.
It’s worth noting though that losses can only be offset against other taxable earnings if you use the ‘accrual accounting’ method for your business, but not if you use the ‘cash accounting’ (‘cash basis’) method.
