Advice for Self Employed Friend

[morphman]

Hi,

A friend of mine started running a business (non-limited) in Aug 2005. She isnt really business minded, and now is very worried that she has so far not paid any tax.

Does anyone know, firstly where she can get help, or secondly, what her immediate obligations are with the impending change in tax year?

[Lucifer Box]

HMCR will give her all the help she needs. She has registered with her local tax office as self employed right? If so, all of the information will be in the self employed pack they sent to her at the time, which clearly lays out what she needs to do. If she hasn't, she had better do so pronto as there are fines to pay if you do not notify your tax office within 90 days of commencing trade.

In a nutshell, she should be paying her weekly self-employed NI stamps (usually by direct debit to keep it easy) and then pays tax on her profit through the self employment section of her self assessement tax return, due Sept '06 for paper filing or Jan '07 for on-line filing.

[Lucifer Box]

Was this information any use to you or are you just an ignorant coont?

[morphman]

Hi, sorry, im not ignorant, just lazy.

Thanks for the advice. I have passed it on, so hopefully she can sort out her affairs pronto.