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Paying tax etc.... Helpppppppppp!!

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  • Paying tax etc.... Helpppppppppp!!

    Hi everyone,

    Can anyone help me, im starting up my handmade card business soon (in process on designing the website) and was wandering if anyone knew the follwoing to my questions i have:

    1) How do i register my new business once it's up and running??

    2) Do i have to pay tax and NI contributions, even though i am in full time work??

    3) Do i get a VAT Number when registering your business??

    4) Do you pay tax etc.. depending how many sales you get???

    5) Will it affect my work's wages??

    Please could someone help me and send me the answers to my questions

    Most appreciated Thanks Again Donna x
    Life is full of suprises and one of the is ME!

    www.creativehandmadecards.com

  • #2
    Hi Donna

    Just replied to your other post. Lots of the members are at Stow today. Lucky Ducks.

    1) I don't know about registering your Business, but I do know that if you are a Sole Trader then you need to register as Self Employed with Revenue and Customs - they run courses on Becoming Self Employed which will give you all the info you need and these are free just ring HMRC.

    2) You will have to pay tax on Profit, but if you are in full time work and already pay NI then you can Apply for an Excemption Certificate.

    3) You only need to become VAT registered if your turnover will be £64000+. Again this is all covered in their SE course.

    Somebody else will probably be able to help you with the rest.
    Annette

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    • #3
      1) How do i register my new business once it's up and running??

      Contact your local Revenue office - you have three months to register with them.

      2) Do i have to pay tax and NI contributions, even though i am in full time work??

      Explain everything to the Revenue - that you are working and already paying your NI contributions. You will have to pay tax on any profits you make, unfortunately.

      3) Do i get a VAT Number when registering your business??

      You register separately for VAT, but don't have to register until you cross the compulsory threshold limit - £61,000 (but it changes regularly) sales in a 12 month period. You can opt to register for VAT before you reach this limit - there are certain advantages to it, but I won't go into them here.

      4) Do you pay tax etc.. depending how many sales you get???

      Tax is paid on "Taxable profit" - there are certain 'adjustments' that get made to your profit to arrive at taxable profit.

      5) Will it affect my work's wages??

      It has absolutely nothing to do with your other employment(s), but because you are already employed, you don't get any tax-free allowance on your business income - this will have already been used in your employment.
      Melanie


      "When I talk about belief, why do you always assume I'm talking about God?" Serenity


      http://www.myspace.com/kandmcreations
      http://www.kandmbeadshop.co.uk/ | http://www.kandmcreations.co.uk/
      http://kandmcom.etsy.com

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