self employed again

[hoz]

hiya i know iv asked this a few times, i want to go self employed asap but first who do i talk to and i have some figures so wondered if u could give me as much info as poss i would like 3 weeks hols and over the last 2 mounths i have made 1820.25 the first mounth and 1946.40 the next hows much would i have to put away and this present time i only get paid 1000 so my boss is doing well out of me making double that thanks x

[alavahalf]

You will need to register with HMRC as soon as possible..
Certainly before your third month of self employment...
You will also have to pay your own Nat. Ins. Contributions...
Have a look at this link and you will get all the answers ...then you can get on paying your tax...!

http://www.direct.gov.uk/en/MoneyTaxAndBenefit s/Taxes/WorkingAndPayingTax/DG_10016920

[CheekyChops]

I don't understand how you can be self employed yet have a boss? Surely being self employed means that you are your own boss.

And if you make �1946 yet only get paid �1000 then you are surely not self-employed, your employer is deducting tax and NI?

[buildersmate]

1) When you are self-employed, you don't have to 'put money away' as such - you just don't receive any income during the period that you do not work.
2) As CC suggests, there is ambiguity in your question over who your boss will be. I guess that you work for an end client and your boss is an 'agency provider' of some sort. If you are going to establish a contract with the end client, invoice the end client, and be responsible for paying your own tax and NI, then you are self-employed. But have you fixed this with 'your boss', who is currently presumably making a profit marfin between the rate you are charged out at and the rate you get paid. Or are you going to find yourself your own clients.
3) If you do propose to do self-employed work through an agency, you need to be aware of the HMRC process called IR35 (Google it). This makes it very difficult to abuse the 'rules' over employee v. self-employment as a mechanism of tax/NI avoidance/minimisation. Many agency staff have to be treated as employees of the agency because of it.

[tamborine]

Presume you will resign job and be SE? Annual accounts wont be due till after 1st years trading. Keep all receipts for income & exes. If your earn more than �60k pa you will be liable for VAT and need registering.

Easy to set up your accounts on Excel. What is your occupation.