You should advise the tax office when you start in business. This must be done within three months of commencement otherwise a £100 fine will be imposed. This must be done on line.
If you decide to employ someone you must register as an employer for PAYE.
Go to our Payroll page for further information.
Note if you set up a Company and have no employees apart from yourself as the director you still need to register as an employer.
You must register for VAT if you are a taxable person and your annual turnover exceeds or is likely to exceed £85,000. If your annual turnover is less than the limits above you may still register if you so wish but this is not compulsory.
For further information see the Value Added Tax page.
If you set up a Company the HM Revenue & Customs will issue it with a separate Tax Reference Number. Individuals who do not already have a Tax Reference Number then one will be issued that will be a unique number which will not change in their life time.
Yes. If you already have a job, you can pay the income tax due on your business activities separately. Your income will of course, be totaled for the purpose of determining the rate at which you pay tax.
Yes. Under self assessment each persons tax affairs are confidential and separate from even husband or wife.
All Rights Reserved | © Gerald Charles & Co