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wayneypayney | Income tax and national insurance.? |
is there an easy way to pay it, like at the post office,
and how do i work out how much i should pay?
Additional Details
ive just gone self employed and havent got a clue about where i should pay it to or even how much. |
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Realist
 |
have you ever heard of accountants? |
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Dave P
 |
Make sure you keep an accurate record of all incomings and outgoings and contact a local accountant (shop for a good rate). |
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tkf57
 |
keep account books - make a note of all your income and using your receipts add up your outgoings list them in categories, for example - advertising, office admin, cost of sales, premises, motoring this will help you when yu recieve your tax return. Please register with national insurance because they can stick on a penalty - i found out the hard way - also register with inland revenue - a simple phone call is all it takes - you will then be billed monthly for national insurance and you will receive a tax return at the end of the tax year - we receive ours in march for completion at 5th april - once you've sent in your form you then await a tax bill - do hope this helps. good luck - byt the way if yu send in your tax return by september the tax inspector will work out how much tax you pay - miss this deadline then its down to you to work it out - i always make sure ours goes in before september - |
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steffi
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I have partly answered your question on your other posting. I see on here, you are newly self-employed. There is no provision to pay tax weekly or monthly. My advice would be to engage an accountant for at least your first year, even if you see how it is done, and do it yourself in future. Have you registered with your tax office as self-employed?
Tax returns for each year are issued on 6th April. You will need the basic form, and a self-employment page. You must keep records of all your earnings and outgoings, so that if asked, you can supply this to HMRC. You do not need to send this information with the Tax Return. It will be asked for later if needed.
I have given you dates of required payment on your other post. There won't be a payment this January as you are so newly self-employed. When payments are due, you will get bills from the tax office. You can either send a cheque to the address provided, pay electronically, or pay at your bank or Post Office. |
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chris565431
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You have three months to register as self employed.
Newly self employed helpline (will tell you EVERYTHING you need to know): 0845 915 4515. |
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wendyek
|
Income tax
As a self employed person, you will be taxed differently to an employee. You will be responsible for paying income tax on your earnings and will usually need the help of an accountant. There are special tax reliefs and allowances which self-employed people can claim. If you are newly self-employed, you should register with HM Revenue and Customs by calling the helpline for the Newly Self-Employed. The helpline number is: 08459 154515.
Value Added Tax
Value Added Tax (VAT) is a tax on goods and services which is paid to HM Revenue and Customs. Whether or not a self-employed person has to pay, and in some cases has the right to choose to pay, VAT depends on the type of business and how much the business sells. |
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angel
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The tax office will send you a bill for National Insurance every month which you pay at the Post Office, if you have registered, if not get in touch with them. Your tax is payable at the end of the tax year. Make sure you keep track of all earnings correctly. |
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Kat
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Call you tax preparer. I have been self employed for over 25 years. I have never paid anything until April. I consider it a loan interest free for over a year. Make no sese to pay ahead of time. I have had years that I made over $200k. Never had a problem. Of course I write off most of it. |
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