18 replies to this topic

[LESTA MINI]

i currently run 3 onlines businesses. all i do is use one bank account which it all gets paid into and out. keep simple accounts. say im self-employed and state on the tax form how much profit i made this year as income and the tax man works it out

[shorty]

cheers for all that info Dan made things seem fair bit clearer thats for sure

well went to HM Revenue offices in Wolvo to ask few questions and the bloke basically said if i earn less than 6475 in the year no tax will have to be paid as this is the amount for personal allowance 2009/10

and to be able to claim exemption from NI Contributions id have to earn under 5075.

was pretty helpful and said if i wanted help sorting it all out i just have to book and appointment and they will help my register self employed and as a business and also help with the NI Contributions stuff too.
so i will be doing that as i am useless at filling in forms

[Dan]

Remember that your personal allowance is for the total of all of your income (except anything that is tax exempt like training burseries). Any other jobs you have will add to the total. If you are already paying tax in another job (Saturday job or anything like that) then you've already used up your allowance.

Edited by Dan, 01 October 2009 - 08:22 PM.

[shorty]

nope not paying anything else.
so this would be main source of income if it all goes well.
so i would only be paying tax on this if my income is above the personal allowance