Freelance UK - taxes etc?
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- J
Can anyone give me any advice regarding the financial side of freelancing in the UK. Any resources for this?
I need to know what to do with regard to paying tax and N.I.
I work a regular 9 - 5 job as a designer, but have been am getting offered bits of freelance work from friends and friends of friends etc. But what do i do in terms of paying tax on earnings from these freelance projects. What are the legalities?
Any help greatly appreciated :)
- jevad0
yeah really!
I've done about £4,000 worth of freelance stuff since october so i'm sure the gvt will be banging on my door soon.
I think the place to start is getting a good (but cheap) accountant to talk to.
Many people have said setting yourself up as a small business or LTD company is the way to go...they probably have info on the inland revenue site
- unknown0
get freelance payments made to a paypal account then transfer cash to a bank account and invest in property skillfully dodging the taxman and his grubby little mitts whilst you're at it,,,,,
- jevad0
how does that work?!
the gvy still know that the client has given you X amount of money.....
- FatBitchSlap0
Ring Inland Revenue...the dept in this whole broken down country where you dont have to wait for an operator.
You will have to pay tax, but at the end of the year.
They are generally pretty helpfull but make sure you record somewhere all conversations you have with them...just in case you know
- J0
Cool, thanks.
Anyone know of any online articles on this subject?
- vespa0
When I freelanced a lot I got totally burnt because I didn't sort out tax for about 5 months. In the end I joined a management company (sometimes called an "umbrella company") who take something like 5% to sort it all out for you. This means you don't have to arse about setting up a company etc.
The one I joined is CXC, but there are a few around. Shop around at different companies to get the best deal, you know they want that 5% so they will be very helpful!
- J0
bump :)