This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more hereX

Home > Discussion Forum

Discussion Forum

abhinay abhinay is offline
Starting Out
Join Date: Jul 2008
Posts: 14
Tax for self-employed.

This is directed towards an accountant really. I am 16 and going to have a supplier who i source my products from soon. I am going to sell using ebay. And because i don't own the products (i am dropshipping)etc... i have to register as a business account. After reading up on this, there are a few tax things you have to do as a business, ie pay tax on money you earn etc...

from ebay: The amount and type of tax you should pay on your eBay earnings depends on how much you earn and how you earn it.

To do this i have to register as self-emplyed with HMRC. Are there any restrictions when doing this? ie age. Also, i am still at school, will this be a problem? Are you allowed to be classed as self-employed when 16?

Any help on this would be greatly appreciated.

Thanks,
Abhinay.
Reply With Quote
m8internet m8internet is offline
Connector
Join Date: Apr 2008
Location: Cumbernauld, Scotland
Posts: 772
None, just register with your local Tax Office
Contact details are in the phone book
__________________
m8internet.com
Professional website hosting in the UK
Windows Live / MSN Messenger
Reply With Quote
lfrier lfrier is offline
Starting Out
Join Date: Apr 2008
Posts: 14
You can register as self employed by:

Completing a form available at:

http://www.hmrc.gov.uk/forms/cwf1.pdf

Calling: 0845 9 15 45 15

or using the interactive form at:

www.hmrc.gov.uk/selfemployed and select register as self-employed

If you expect your business income from 6/4/2008 to 5/4/2009 to be below 4,825 then you can opt not to pay Class 2 National Insurance contributions.

Hope this helps

Linda Frier
Coalesco Accountants
www.coalesco.co.uk
Reply With Quote
abhinay abhinay is offline
Starting Out
Join Date: Jul 2008
Posts: 14
thanks for the help guys. I am expecting the first year business income to be less than you have said, but what if it goes over that during the year? Also, by business income do you mean net profit or turnover?

And i understand that by registering as a business on ebay, any money that you earn, you have to pay income tax on, i am very new to all this, so do you know any accountants that you can recommend? If you are an accountant then can you give me a quote please? I am also interested in someone that can help with bookeeping.

Thanks again,
Abhinay.
Reply With Quote
Peter W Peter W is offline
Starting Out
Join Date: Jul 2008
Location: Brighton
Posts: 17
It is your expected business income that is important, rather than your actual income. And it is based on your net profit rather than your turnover.

Are you looking for an accountant local to you? If so, where are you based?
__________________
Brighton Accountants
Reply With Quote
abhinay abhinay is offline
Starting Out
Join Date: Jul 2008
Posts: 14
Thanks for that peter. Yes i am looking for an accountant based near me. I live in Mansfield, Nottinghamshire.
Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


All times are GMT +1. The time now is 04:11 PM.


Powered by vBulletin® Version 3.8.1
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd. Copyright Shell LiveWIRE 2005-2009