just gone self employed

[salter]

ive just told hmrc that im self employed,what do i do now,apart for work.

[MFW]

Put aside 20% of everything you earn, keep every receipt, and find yourself a good accountant.

 

You'll probably get some of that 20% back when it's time to submit a tax return, but it's better to have it saved away, rather than having to suddenly find it of you aint got it!

[Pltreesurgery]

Agreed ! Keep all receipts !

[salter]

will they send me a form so that i can pay my naional insurents and same with the tax

[daveindales]

will they send me a form so that i can pay my naional insurents and same with the tax

 

your accoutant will sort all that out

[MFW]

Yeah you'll get a National Insurance bill every 3 months for £31.20, or you can set up a Direct Debit instead if you want. You'll also get a letter reminding you when it's tax return time.

 

Tax in the first few years of self employment is a bit erratic depending on your turnover. I paid very little in the first two years, then got a big bill, and now it's settled into a more predictable bill. An accountant will explain it far better than me, but it's definitely worth finding one early on. It won't cost a fortune either if you're a sole trader.

 

Best of luck in your new venture!

[s.varty]

With a decent accountant costing you £400 - £800 a year you should end up paying around 9 - 12% in tax on your earnings

[Hodge]

With a decent accountant costing you £400 - £800 a year you should end up paying around 9 - 12% in tax on your earnings

 

Defo worth getting a good accountant, I pay £60 a month for mine and he is VERY good and defo worth it.

[markieg31]

i am in the same boat as thi chap but i am self employed at the weekends only- i work mon to friday paye.

i was hoping i could get away without an accountant- my predicted self employed earnings are not going to be mega bucks..

[daveindales]

You will need an accounting book. Your accountant will show you how to fill it in. Basically, you put all your receipts (work done) on one page and all your outgoings (expenses) on the other.

 

Make your accountants work as easy as possible. Number all receipts so he can cross referance them in your accounting book.