Tax Tips
We have 3 tip(s) under the heading SelfEmployment.
VAT Registration - You must check your requirement to register for VAT at the end of every month, to ensure that your annual turnover has not exceeded the registration limit.
Keeping Records - You must retain records relating to your business for at least 5 years and 10 months after the end of the tax year to which they relate. Failure to do so may result in penalties of up to £3000 per tax year
New Business - Penalties may be charged by H M Revenue & Customs if you make a taxable profit from self employment for the first time but fail to notify them that you are liable to tax.
You may also be liable for additional penalties for failing to notify them that you are liable to Class 2 National Insurance.
You should inform H M Revenue & Customs of your self employment as soon as possible.
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