Inland Revenue

[Yai]

I guess this comes under news as it's to do with the government...I own a regional website and would like to start offering advertising space on it. I know i'd have to register as being self employed, but there's some stuff on the IR website about book keeping. There is not a lot of specific information there about this. Does it mean I have to keep a record of just the names and details of the companies advertising and how much they have paid each month ? Or is there more to it.. and why do I have to keep these records ?

[RCP]

You have to keep these records as this is your income. You will have to submit invoices to these companies for them to pay you as well. I would suggest you get professional advice. Your bank may offer an advisory service for setting up your own business & there are night classes available at colleges.

[lisaj]

I'm a self-employed freelance consultant. I issue invoices and receipts for all work I do, and retain hard and digital copies, plus a handy Excel tallysheet. I run work payments through a business bank account (might I recommend Bank of Scotland since they do a free account - most business accounts levy charges on you), and pay myself a salary (minus 33% for NI, Tax and other bits 'n bobs that might arise) into my personal account. I'm registered as self-employed and at the end of the tax year self-assess myself based on the excel sheet and invoices. I can (obviously) supply copies when requested to the Inland Revenue.