putting-out-fires
New Member
Hi all, before I ask my questions I want to say sorry if this has all been covered before. I have read some conversations on becoming self employed as a sole trader on the forum and got some very useful information but I still feel a little concerned about taking the plunge and before I do I need to get a few questions I have sorted.
Basically I've done lots of bits of work but these have been unpaid and favours. I have designed posters and bits and bobs for a local charity that my wife is involved with as well as for a couple of retail ventures my friends have set up. All this has been done for free. However I have got opportunities coming up to do paid work, some of which could be on-going and need to therefore set up for tax. I will be employed full time paying PAYE as well as setting up and working on my business.
My main questions are:
1) What do I need to have set up/what information do I need to hand when I contact our friends at HMRC?
2) Should I do this now or should I wait until I am actually working on the designs, but before any money changes hands? I ask this because I believe you are told by the HMRC not to register until you are self-employed and working.
Again sorry if this is going over 'old ground' on the forum but any advice would be great.
Thanks!
Basically I've done lots of bits of work but these have been unpaid and favours. I have designed posters and bits and bobs for a local charity that my wife is involved with as well as for a couple of retail ventures my friends have set up. All this has been done for free. However I have got opportunities coming up to do paid work, some of which could be on-going and need to therefore set up for tax. I will be employed full time paying PAYE as well as setting up and working on my business.
My main questions are:
1) What do I need to have set up/what information do I need to hand when I contact our friends at HMRC?
2) Should I do this now or should I wait until I am actually working on the designs, but before any money changes hands? I ask this because I believe you are told by the HMRC not to register until you are self-employed and working.
Again sorry if this is going over 'old ground' on the forum but any advice would be great.
Thanks!