Self employed / cis please help !! (1 Viewer)

gmanscaff

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Alright fellas, I have always worked paye but on Monday I'm starting a job (cis)...what do I need to do or will the firm sort it out...I looked on Internet and I see I need a UTR number and self assessment etc. I've no idea..any help wud be much appreciated
 
Dont sweat pal like Benjo said,down to the tax office and it will get sorted.
 
You need to get in touch we the tax office straight away. And get a unique tax reference number,until you have this number you will be paying 40% tax so don't hang about as it takes a while to come through.
 
hi geezer- dont sweat it , i dont think u even av to go down ther anymore,just give them a ring, and inform them of your change to self employment , they ask for your details ,NI and such,about a week later you'll get ur UTR number-with it ur tax will be deducted at 20% without it 40%, and just give it to the company who u work for they'll check that its kosher, and bobs ur uncle- next step to get an accountant,although ur 1st tax return wont be till next year, its easier to appoint one now and let him deal with it,get a fixed fee deal for submittin it & save any and all receipts and give to him when he asks, he'll do all the donkey work unless u wanna try and save urself a cpl of hundred quid and do it ur self (not advised)- the only thing you then need to do is inform the NI office and set up a direct debit for ur class 2 ni contributions about £5 a week give or take sit back and wait for the tax rebate- good luck & dont worry as its no big deal, always remember you can be employed & self employed at the same time, and keep all paperwork:D
 
It is 30% until you have your UTR number, but yes, at the end of the tax year you will be able to claim that extra back, along with any other allowable expenses.

The tax years starts 6th April 2012, so technically, you will be registered for self assessment prior to the end of this tax year, so will need to do a tax return.

It is also correct that self assessment does not mean self employment (we did write a blog on that) and during your period of PAYE you may also have incurred expenses that you can offset against your tax bill.

Of course, you can do this on your own, an accountant is not necessary, but, you may not claim for everything you can or indeed, have the implication to do it yourself. Obviously, if you need any help in geting registered, we happy to do that for you.
 
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