Inform the relevant organisations regarding
National Insurance and Tax.
You may feel completely 'in-the-dark' when it comes to dealing
with this aspect of the business. It is not surprising - the
rules and regs are constantly changing.
Don't worry, there is alot of help at hand and, once registered
with the correct bodies, you will begin to receive 'getting
started' info packs, forms, informative videos, regular updates
In short, The Treasury has a big incentive to make sure that
you know what you owe them - and so do you!
See : www.InlandRevenue.gov.uk/startingup/
All self-employed people should register for Class 2 contributions, (using form CWF1 available from the Inland Revenue website), within 3 months - starting from the last day of the month in which self-employment began.
You can download
a 'software application' to help you fill in the forms required to register as self-employed or call them on
their Helpline for the Newly Self-Employed on 08459 15 45 15 where their staff can guide you through the registration process.
[ News Item: UK Inland Revenue
Announce Fines For Late Start-up Registration ]
When registering with the Inland Revenue (NI Contributions)
office, the form will be forwarded automatically to
your Tax Office and, if applicable, to Customs and Excise for
VAT registration. Leaflet CWL2 'National Insurance for self-employed people - Class 2 and 4' contains detailed information.
Notify local Inland Revenue Inspector of Taxes (using form CWF1 available from the Inland Revenue website)
and send in your P45 from previous employment if appropriate.
If uncertain, establish tax status with Inland Revenue in writing.
Broken Links? The IR website moves its web pages around so often that the links above can sometimes become broken. If you discover that any link is not working, please let us know so that we can fix it speedily.