Self employment / tax etc ......?

Self employment / tax etc ......?

Anyone know the crack with this ???

Ive been working as self employed for just under 6 months and im packing it in to start work full time begining of next month.

As ive been self employed under a year ( under half a year even ) am i eligable for any tax relief ??

Is the 1st so much u make tax free or is that nonsense ??

Best ringing the Inland Revenue

depending how much tax 'if any' you paid to them you may be able to get some sort of tax rebate or you may owe them some

what do you work as?

thats just it tho , i havent paid any tax to them yet , you dont pay it till the end of your 1st year of being self employed thru self assesment etc , but im wondering if i get any tax free amount or duration ??

Ict Tech / computer repairs etc

I think if its under £7000 you don't pay tax, but don't know how that works if you're going into employment.... ring up an accountant, he'll probably tell you for free

I see!! you should if you didnt hit a certain level best bet is to ring them theyll confirm it for you or call your accountant he may be able to put the tax down to other things for you

If you had of said the contruction / Building trade i could have helped you

Why would that have made any difference?

Im not sure if it does make a difference! when we i did the tax returns / wages for work we subcontracted 18% of all labour costs went directly to the inland revenue whether it would be the same for Fiddla i dont know

how much youre taxed is dependent on how much you earn and how much of your earnings are tax deductable.

as its under a year tho do i even need to put a tax return in ?? or will they hunt me down for it regardless of time ??

and out of wot ive earned so far the 1st 7k could be tax free , hmmm i wonder if my m8's accountant could give me some "free" info lol

or in future keep your £££ under you mattress

I wouldn't say shit.

they probably wont do anything.... if you get a letter a year down the line just fill in your return (it'll only be for a couple of hundred anyway).

haha sounds good to me , cheers for the info

on a side note, I evaded tax for several years and was recently caught, now 90% of my wage goes to the taxman (I'm living in poverty).

I'm probably the last person you should be listening to

dont bother doing that :tut: theyll catch up with you and youll end up paying more back

not true, I know loads of people that have got away without paying tax (not that I approve).

If they do catch up with you they request that you fill in the returns they send you... I ignored about 20 tax returns before they started threatening me with huge bills.

get an accountant. I know it seems like a lot of money but honestly they will save you more than they cost. I can't bear all the tax shit so I just give my accountant a shoe box with all my receipts in it and bank statements credit card bills etc and he sorts it all out. I can just get on with doing what I do without having to think about it. They will tell you how to go on for about £200 a year.
save every receipt for everything you can. It all goes against tax.
Your personal allowance is around £3k I think.
You also have to pay National Insurance as well if you earn more than around £4-£5k
You can avoid it all by not telling them which I did for a while but they catch up with you in the end and if they do they can make your life a misery. It's not worth it IMO

his accountants goig to cost between £100-200, his tax bill will probably be well under £7000 and after he's deducted expenses he'll be looking at a bill of about £100.

Its not worth paying for an accountant.

get back to the news yersel

It's about the peace of mind really IMO

what is tax????????????????????????????

yeah Fid's just ring up the inland and then self assess, once u have taken your costs etc (make sure u declare your imaginary Van and diesel) you will pay less that £300. Self assess might be a little hard for you first time like so if u dont like the look of it get a accountant (u must know someone whos a accountant?) to look over it it will take about 10 mins