Some Expert Advice - UK Business Labs

newbie123 · #1 (**permalink**) 31-03-2012, 01:48 PM

Hello everyone,

We have been in business just a few months and I was hoping that you might be able to help me.

I have a full time job and run a small business as a sole trader in my spare time.

Could someone give me some advice relating to tax and law in terms of what I now need to do to ensure that I am legal.

The business has only been running a few months and now that we are making a profit, I was to continue running the business - knowing that it is going to work!

Any help you can give me will be much appreciated.

Claire

**Emma** · #2 (**permalink**) 31-03-2012, 01:56 PM

Hi Claire. I'm sure an accountant will chime-in with a more detailed reply but you need to notify HMRC asap and register as self-employed. Looks like you're already overdue and could be fined.

newbie123 · #3 (**permalink**) 31-03-2012, 02:24 PM

Hi,

Even if I have a full time job?

Where do I register with HMRC?

Thank you!

**AdamW** · #4 (**permalink**) 31-03-2012, 04:22 PM

Register and more info here: http://www.hmrc.gov.uk/selfemployed/...er-selfemp.htm

I think they give you some grace period but can't remember.

**Ray Stewart** · #5 (**permalink**) 31-03-2012, 04:33 PM

You get 90 days from when the business starts to notify HMRC that you are open. If you notify after 90 days you will be fined £100.

If you are in this penalty zone now HMRC will put you high on the list for their new business records checks for new businesses. So, as your question is very broad, and as you have already tripped up, you should talk to a local accountant asap to ensure you are keeping your books and records in an acceptable format and that you are claiming everything you are entitled to.

ilovethatbag · #6 (**permalink**) 02-04-2012, 05:01 PM

I can't add an awful lot except that I just registered over the phone and when I filled in my first tax return and had also be employed for part of that year, it calculated the tax paid already automatically so it is probably best for you to see an accountant to get everything completely straight before you have to do this as it sounds like you may get checked.
If you do it online, you have until end of Jan 2013 to submit your tax return for the tax year just ended (I always put it off until the last minute!!!) so you have plenty of time to get your figures straight, but notify HMRC asap.
Abbie