Need advice on setting up as self employed

[michaelp]

Hey there,

I'm in the process of setting up as self employed but I have actually been working since back in June and from what I can tell I missed the 5th of October deadline to register for the tax year 2012-2013.

So what will happen if I actually declare how long I've been working for? Will I be subject to penalties? Or is it best to not declare working in the past to make things easier?

 

[mothermachine]

Get an accountant who is also able to act for you as a general financial advisor. I can recommend you a good one if you like. PM me in TRUST.

 

[Freakbro]

Hey there,

I'm in the process of setting up as self employed but I have actually been working since back in June and from what I can tell I missed the 5th of October deadline to register for the tax year 2012-2013.

So what will happen if I actually declare how long I've been working for? Will I be subject to penalties? Or is it best to not declare working in the past to make things easier?

If you have been self employed since June 2013, then this is the 2013-14 tax year and you don't actually have to register until 6 months after the year end 5th Apr 14, so by 5th Oct 2014.

So you will be fine to do it now, but I would still do it as soon as possible as you need to register and start paying Class 2 NI (£2.70 / week)