any sole traders here?
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- andreasm
Ok, I'm in urgent help!! Please answer this if you can:
Do I understand correctly if a Sole Trader doesn't need to register a company name but only register as self-employed to the HM Revenue & Customs? Then I can use whatever name I want as long as it doesn't interfere with any rules and as long as I use it in stationary etc.?
I know this is basic stuff but no official forms or organisations mention this so I have to ask!!
Thanks for any info........
- rockonski0
i dunno how it works in the UK, but why wouldn't you register a business name if you use one?
here in canada, in order to write off costs you HAVE to register a business name. even if that business name is your gov't name. the registration is essentially a business license. i assume it's similar on your island innit?
- mrming0
In the UK you can register as self employed without starting a limited company. All you have to do is file a tax return once a year and pay the necessary tax on the money you earned. You can also register for VAT allowing you to claim the tax back on purchases etc. but this is normally more hassle than it's worth if you're running a fairly small operation.
- ********0
ive set up as a sole trader although the business hasnt launched yet.
ive got the inland revenue on my back askign me to fill out a phat tax returns form even though ive not earned a penny yet! - b*stards!so , what , do i just fill out a 20-odd page form with £0 £0 £0 £0 £0 all the way through it?! lol
- mrming0
The bad news is that once you register as self employed you have to fill out a tax return every year thereafter even if you go back into full time employment. I get an accountant to do mine as I hate forms - it costs me £90 a time - easily worth it if you hate paperwork as much as I do!
- thismanslife0
I'm interested in this whole thing too.. but my situation is a little more complicated, that being because I'm employed fulltime, but want to be able to do the odd freelance job too, for extra cashola™
How does that tax situation work?!
- andreasm0
ok thanks...
I'm going to do some further reserach on this and I'll post whatever I find...
- ********0
thismanslife.
well im nwe to the whole thing, but i beleive you get taxed seperately on each.
one job doesnt affect the other
- doddster0
thismanslife - yeah you can be self-employed AND full-time employed at the same time.
I used to freelance outside of work and had to register. its really straightforward. then you have to make extra NI conrtibution, which I think is £2.10 a week, and do a tax return every year.
- andreasm0
doddster...
cool - so it's only that?? I'm moving to UK in two weeks and I need to get a National Insurance Number as well. Do you think they can process my application as self-employed without that number?
I'm in a rush because I don't know exactly how to deal with my client with whom I will write a contract during the coming week.
Can I write a contract as a sole-trader even though my application hasn't been completed yet and even though I don't have a national insurance number (yet)???
Thanks for any input!!!
Andreas
- doddster0
andreasm,
in all honesty I'm not too sure - I'm pretty sure you'll need an NI number for the Self Employment form.
Try giving them a ring...
+44 84591 54655
- mydo0
just don't pay tax or NI.. get some off shore bank accounts, get paid in cash, launder your money at the bookies... easy.
just think you pay tax on every thing you buy, why pay tax on everything you earn too.
oh and it helps if you spend lot's of time out of the country too !!