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Self Employment - UK?
show user profile  LionDebt
Hey, so I was looking into claiming working tax credits and reclaiming VAT on business purchases and other such fun stuff... Turns out I can only do the former if I am either disabled and over 16, or under normal circumstances and over 25 - of which I am neither...

So I've been browsing the FAQs and Do's and Dont's of the HMRC website and thought I'd just ask in here too. I'm pretty much looking to be self employed as my main stream of income, doing various outsourced 3D work from various clients within various fields... Alongside this I would (probably) need a part-time bar or restaurant job to keep afloat, at least during quieter months.

In a nutshell: Are you self employed in the UK? What are the pitfalls and traps to watch out for when registering/claiming/accounting? Is it worth registering pre-emptively, or better to wait for a sizeable income to be available before doing so? What fun things can I claim back? Go go go!
read 755 times
9/13/2012 11:35:54 PM (last edit: 9/13/2012 11:35:54 PM)
show user profile  Westcoast13
I am employed but i think standard procedure would be not to register anything until you have actually been paid for something. You don't have to pay any tax until you have an income!

My Turbosquid Area

read 748 times
9/13/2012 11:41:06 PM (last edit: 9/13/2012 11:41:06 PM)
show user profile  ScotlandDave
Reclaiming and charging for VAT requires being VAT registered which is up to the individual but has to be done if you`re over a certain threshold ( i think it`s about 50k ).. What you probably mean is offsetting business purchases against the amount of tax you have to pay at the end of the year. Basically you take the value of stuff you`ve bought, and subtract that amount from your taxable income at the end of the year so you`re paying tax on less of what you`ve earned..

You can do that as a sole trader or a limited company. There are certain requirements once you`re registered self employed but the long and short of it is keep records / books and do a self assessment online once a year.. It`s up to you whether you pay an accountant or not as long as your records are legible they are acceptable..

Website | Blog | Contact | Vimeo

read 744 times
9/13/2012 11:49:53 PM (last edit: 9/13/2012 11:49:53 PM)
show user profile  LionDebt
Cheers, SD. That's what I was wondering about as I've heard a lot of talk about 'claiming tax back' but, in the sense of business purchases or somehow rebating business related expenses against income for a given period etc... Keeping records and invoices sounds daunting at first, but everything is electronic these days and simply having an updated and organised inbox/excel sheets etc and keeping track of things... been reading loads on the HMRC site and it mostly serves to confuse rather than to inform... but shall cross that bridge when it comes to it.

@Westcoast: Yeah, it's small fry right now but will be (hopefully) growing in the near future. The main thing I was shocked about was the working tax credits and coinciding minimum required age of 25...
read 733 times
9/14/2012 12:32:42 AM (last edit: 9/14/2012 12:38:53 AM)
show user profile  Jock
In terms of accounts I use a small free program called VTCashbook to keep a track of everything, might be worth looking into.

Plus everyones different but one of the best things i done was to get an actual accountant, Doesnt cost very much at all and saved me way more per year than what his fees are. Not to mention it got rid of the headache of doing my own end of year returns.

One thing I wasnt aware of and wish I had at the time but depending on circumstances it may be useful information. If youre self employed its a pain the get a mortgage until you have a certain number of years accounts but if you change to a limited company that number basically gets reset and you have to start from scratch.
read 702 times
9/14/2012 10:07:00 AM (last edit: 9/14/2012 10:07:00 AM)
show user profile  advance-software

that's dated May 2011. might have changed a little now - you'll need to check.
read 700 times
9/14/2012 10:07:45 AM (last edit: 9/14/2012 10:24:29 AM)
show user profile  BishBashRoss
Just to reiterate what Jock is saying. I would definitely look into getting an accountant sooner rather than later. If I remember you can claim more tax back against investments (computer equipment etc) in the first year or two. They will also be able to advise you on what things to keep receipts for.

read 686 times
9/14/2012 10:48:26 AM (last edit: 9/14/2012 10:48:26 AM)
show user profile  reeves1984
Not sure that link is relevant AS.

I'm not sure if I missed anyone commenting on it, but...

>>Is it worth registering pre-emptively, or better to wait for a sizeable income to be available before doing so?
You HAVE to register if you do any taxable paid work, but you can register any time after 3 months from when you start 'your business' (check that in case it's not 3 any more)

Simon Reeves - VFX Artist & Blog
twitter <-- I work here

read 672 times
9/14/2012 11:42:34 AM (last edit: 9/14/2012 11:42:34 AM)
show user profile  advance-software
how is it not relevant ?

he's south african & just finished a degree.

I'd say that's spot on.

first you need permission to work. if you don't have that, trying to do everything else the legal way is pointless. before anyone goes on a xenophobia rant, that's how it is. eu citizens can work, rest of world needs permission.

if you've got that already, apologies but you haven't stated you have.
read 665 times
9/14/2012 12:06:24 PM (last edit: 9/14/2012 12:40:37 PM)
show user profile  LionDebt
'before anyone goes on a xenophobia rant'

Too late, you're already in the thread A-S.

I've lived in Scotland for 16 years, I've sworn allegiance to your 'Queen', and when I see people like you it burns me to my very soul that I hold dual nationality with people like you. Anyway, carry on. Make more assumptions. Jump the gun. As they all say. Have a cup o tea.

@Jock - thanks that does look worth looking into!

@Reeves - Yea, I'm aware of that and I'm pretty certain it is still 3 months. Doesn't take much effort to declare ones self as self employed, just filing the self assessment forms and tax returns with adequate book-keeping throughout the income year.
read 638 times
9/14/2012 1:41:47 PM (last edit: 9/14/2012 1:44:43 PM)
show user profile  Westcoast13
Dual nationality? Does that mean that you can work here etc anyway? If so, i have to have a little chuckle at all the hassle in the thread the other week! :)

My Turbosquid Area

read 635 times
9/14/2012 1:51:29 PM (last edit: 9/14/2012 1:51:29 PM)
show user profile  reeves1984
Yeahhhhh, all that stuff is easy too really... Make a spreadsheet or use some software to keep track of income and expenses, that's basically it.

By the way I've used

It's nice and straight forward but it doesn't let you track time in (days or half days) anything other than hours! Annoying when you work on a day rate.

Simon Reeves - VFX Artist & Blog
twitter <-- I work here

read 634 times
9/14/2012 1:55:01 PM (last edit: 9/14/2012 1:55:01 PM)
show user profile  advance-software
ok so you do have permission. fine.

you could have just said that. like ages ago.

she isn't my queen. I reject the notion of a special family.

I didn't make assumptions - I stated the legal position. You were just deliberately vague.

read 632 times
9/14/2012 1:56:33 PM (last edit: 9/14/2012 1:58:22 PM)
show user profile  Westcoast13
Excuse my language, but i fucking love that!!!

Moved on to the Royal family now theres nothing left for you here A/S? ;)

edit/ Lets not derail this thread so i won't comment further.

My Turbosquid Area

read 626 times
9/14/2012 1:58:16 PM (last edit: 9/14/2012 1:58:16 PM)
show user profile  advance-software

federation = president = position by merit not accident of birth.

can't happen soon enough.

derailing as it was never on the rails on the first place as cecil is deliberately vague for lolz.
read 621 times
9/14/2012 2:00:08 PM (last edit: 9/16/2012 1:50:25 PM)
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