Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: tigers_gonads on 27 June 2016, 14:11:04
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Right, what seems like a very long time ago :( I made a reasonable living out of been self employed and working with the public only :y
I never sub contracted or was VAT registered :-X so my books was nice and simple ;)
Since the my world turned to shite a few years ago now, when I have managed to get work, I have always worked for other people PAYE only.
Currently, i'm been oppsed about left, right and centre that much with this zero hour contracts shite and the sickening money / conditions on offer that I am seriously tempted to mix self employment (sparkying / alarms / Cctv / Male Prostitution) with the merchandising / shopfitting that I do, zero hour on PAYE.
Basically, if somebody will pay me to do a job and I can do it then I WILL do it :y :y
Already on the list is a separate bank account (if anybody will give me one because i'm still just inside the 5 years since discharge)
Public liability insurance
The car is already sorted for business use anyway :y
Part P is still valid for a few more years :y
How does HMRC react to people doing Sole Trader and PAYE work at the same time nowdays ?
I will literally do anything if it pays.
How strict are HMRC nowdays when it comes down to the declaration of what sort of business I am doing ?
Also with been registered as self employed, I can just pay Class 2 stamp upto the first 6 grand or so which will help me keep my NI going for the smallest weekly outlay :y :y
Mini Me is also in the same boat with this zero hour shite and worked himself upto level 2 painting and decorating while at collage so he is looking at doing the same as me :y
The cunning plan is sign write up both cars with both of our numbers and see if we can drum up some work :y
Both businesses will be kept totally separate books wise ;)
Any ideas or pointers welcome :)
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You'll potentially pay tax etc on ALL your PAYE income... this gets sorted out once you do your first return in 18months or so, but be aware the you need to cover the shortfall in your income until then ;)
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You'll potentially pay tax etc on ALL your PAYE income... this gets sorted out once you do your first return in 18months or so, but be aware the you need to cover the shortfall in your income until then ;)
Yeh, thought of that one :)
In fact, with this latest PAYE job, I left the taxman to take the full 20 pence in EVERY pound for 6 months so I could save up a nice little tax rebate which I got last month :y
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If you make the PAYE your main job then you get your tax allowance but pay full whack on the Self Employed stuff (or vice versa)
Its just a simple case of transcribing the numbers from your P60(s if more than one employed position) into your self assessment form... Simples
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If you make the PAYE your main job then you get your tax allowance but pay full whack on the Self Employed stuff (or vice versa)
Its just a simple case of transcribing the numbers from your P60(s if more than one employed position) into your self assessment form... Simples
Purely hypothetical question I know but ...........
If it turns out pretty quickly that the self employed bit becomes the main job, are you obliged to inform them ?
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If you make the PAYE your main job then you get your tax allowance but pay full whack on the Self Employed stuff (or vice versa)
Its just a simple case of transcribing the numbers from your P60(s if more than one employed position) into your self assessment form... Simples
Purely hypothetical question I know but ...........
If it turns out pretty quickly that the self employed bit becomes the main job, are you obliged to inform them ?
Hypothetically speaking, yes ::)
But new start businesses take a good couple of years to get established, and aren't expected to break even in the first year ;)
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If you make the PAYE your main job then you get your tax allowance but pay full whack on the Self Employed stuff (or vice versa)
Its just a simple case of transcribing the numbers from your P60(s if more than one employed position) into your self assessment form... Simples
Purely hypothetical question I know but ...........
If it turns out pretty quickly that the self employed bit becomes the main job, are you obliged to inform them ?
Hypothetically speaking, yes ::)
But new start businesses take a good couple of years to get established, and aren't expected to break even in the first year ;)
Wot he said ^^^^ :y
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Cheers lads :)
Looks like i'm back on the road again anyway this weekend ::)
5 hour friggin drive down to Newhaven for a poxy 4, 11 hour night shifts, back home for a few days then back again for the same :(
At least its money I suppose :-X
I'll have a word with the office later and see if they need any more details then probably press the button towards the end of summer if we get one ;D
Am I right in thinking that the self employment date is the day you actually start the first job and you then have 90 days max to declare yourself insane self employed / self assessment ?
Pretty sure that used to be the rules but with the hangover i've got, I can't face the .gov sites until these pills kick in :'(