Hi everyone just going self employed

[philmatuk]

Hi All
my names Phil Martin ive been spaaking fo a few years now and have decided to go self employed im just wondering if anyones a dab hand at doing these forms for customs Nat Insurance etc they are asking for a agent or agents details, only I havent got a clue what they mean by it?
Is it the contractor im sub-ing too or is it a accountant or something because i havent got one yet (only been self employed this week) and want to get the forms filled in asap.
Do i tick the self assesment box? is im a sole trader?

sorry if i sound a bit lost but a little help on this one would go down well, many thanks
Phil

 

[Spazz]

I do my own tax returns and have done for the last 5 years.

You dont need an agent or an accountant unless you really don't have a clue how to do it or you are limited!

Before anything you need several bits of information to file a return:
Total Income for the year (of your self employment)
Total Expenses (of your self employment)
Total Profit (of your self employment)

All income from other jobs in that tax year
All tax amounts that you have paid for that year.

As you have just started out you should be in the negative - dont worry you will get a nice bit of tax back - Last year I started up and had £300 tax back - could not moan!

 

[Spazz]

If you are still lost pm me and I will happily talk you though your self assessment - dont worry to much as you have till Jan 31 to get it done - but earlier the better - especially if your inline for a tax rebate

 

[philmatuk]

Hi mate
many thanks for the reply im still filling in the application form for the application to pay self employed National Insurance Contributions. Im guessing i dont need to fill in the Autherising your agent form just yet then as Im subbying for a mate.
Phil

 

[Spazz]

Why dont you phone them up on Monday and they do it all over the phone.

Thats what I did - they can also set up a DD mandate post it to you to sign and you return it.

Its simple - there is no need to make it complicated.

If you do it over the phone you can be set up within 2 hours of putting it down.

Same as your tax return - log into HMRC and register to file your SA online - they send you something in the post (takes about 3 weeks mind) then you can log in - easy!

 

[philmatuk]

hi mate
many thanks ill ring them monday and finish off this form and get it fired back to them asap.
thanks for your advice mate. do you know if i have to produce a invoice for my services to my mate who im subby-ing for hes keeping the tax back off me and jusst sending me payments i think he'll send me some sort of payslip which i can keep for end of year
cheers
Phil

 

[Spazz]

Legally Yes

But if your tax dodging Im not getting involved and would not suggest you say much more on here as it is an open forum!

But everything you invoice for (which should legally be everything) you will get taxed on!

The only way not to get taxed on a job is no invoice - no declaring - but again this is illegal!