I am lead to believe its a year, is this correct?
2006-10-19 01:10:48 · 2 answers · asked by b7rne 1 in Business & Finance ➔ Small Business
No, that is an urban myth, sometimes perpetuated by accountants You must register yourselves with them as Self Employed within 3 months otherwise you are working Illegally (they also have a Tax Evasion line). All partners will have to call Helpline for the Newly Self Employed on 0845 91 54515 separately with their exact start date and National Insurance No. The line is open 8am-8pm and weekends 8am to 4pm!!!
2006-10-19 01:28:09 · answer #1 · answered by Andielep 6 · 0⤊ 0⤋
You need to register with HMR&C (Inland Revenue) immediately you start trading, whether you start as a sole trader, partnership, Ltd co etc.. If you leave it a year they have the right to go back and charge you tax based on "assumptions" usually much more than you should have paid.
Get registering today. If you mean VAT - you need to register within 3 months of hitting the VAT threshold (currently £61k turnover). Best to register before you hit it though.
2006-10-19 01:26:56 · answer #2 · answered by Phlodgeybodge 5 · 0⤊ 0⤋