Self-assesment thingy? Help?

[NicolesJewellery]

So, I was told to register as self-employed with the tax office people, which I have done.

But I signed up after almost a month of starting to sell jewellery. I didn't keep any reciepts for tools etc, as I wasn't aware that i'd need to register since i'm not really making any profit. Just trying to cover the materials and tools at the moment.

Also, what exactly do I have to record?

Do I write down how much i sell the item for, or do I take out the money for my time and materials?

And when I'm at a craft fair (hopefully i'll be doing one soon) How do I record wht I have sold?

Sorry for all the questions. I tried ringing HMRC but they weren't exactly helpful, just kept passing me from one phone number to another :mad:

[Daesul]

You should go on the HMRC free course for newly self employed people. I went on one and it was brilliant, they explained everthing you need to know. You will need to keep accounts, I use an Excel spreadsheet. HMRC give you handouts and the booklet includes a template of a spreadsheet which you can copy or adjust according to your needs.

You'll need to record car business mileage, any business expenses i.e. tools, materials, premises costs (the HMRC handouts give you details). On the spreadsheet you will also need a column for money you take out, so takings should be put in in full as eventually the two will balance each other out.

When at a craft fair, just keep a note of how much you took, and put it in the income column of the spreadsheet.

As to materials and tools bought before you became self employed, on your first accounts you can put in a figure for stock and tools that you brought into the business with you.

But I really would recommend you go on the course, it's just 3 hours and they are very friendly and helpful.

[Bea]

Do a search on the forum as there's lots of discussions about it.

The free course is great, and you get to ask specific questions, etc.