The inland revenu thingymajig and taxes

[mitov]

That way you become a honest tax paying citizen instead of some black market scumbag

WOW! Thats a bit harsh!

Anyway, thank you all for your feedbak.

[bwglaw]

I think we should be more lenient to those under 18 who are starting to make a living. We all know that at that age wages are very low indeed.

I am glad to see that Mitov is in the UK doing work to support himself and when he is more stable I am sure as honest as he seems he will contribute to the budget

Good luck to you Mitov. Does your mum run her own business here? (how can I say here when I am out of the UK at mo!)

Jonathan

[mitov]

Thanks for your support handsongorup. Of course i will get registered as soon as i get my LTR. As i said earlier, i dont want to spend my 18th birthday in a cell! LOL!

In order for us to live in the UK, my mum has not got the right to work as an employed, so yes, she works for her self, although the salon she works in is not hers, so she works as a self-employed. She is looking for premisses though....had enough of hair pulling apparantly!

Miro

[bizNorthEast.co.uk]

ring up the inland revenue and ask them to sort it out.tel 084591 54655. what you need to do is go through your bank account and work out what's business income and whats business expenses and write them all down. on a list and do your accounts. Also for the future you should open up a business bank account or a seperate personal account for your business.

[mitov]

I cant open up a business/company account if i havent got a company registration certificate, and i cant get one unless i register a company, which i have to be 18 to do. And anyway, prefer a sole trader - although i will still pay taxes!

Thanks for the advice on calling up IR. Never thought of that.

[bwglaw]

You do not have to be over 18 to set up a Ltd Company. Companies House make that clear. However, as you do not have indefinate leave to remain you cannot be a Director.

Being a sole trader is probably the best option at this stage because it will be easier to show the Home Office that you are supporting yourself financially with no recourse to public funds


Jonathan

[mitov]

Im not interested in setting up an LTD at the moment anyway. It would be too much hassle with book keeping, annual return forms, accountants etc. I think the only thing which i have to collect up money for is to register a trade mark, before someone else not only steals my name, but my idea too.

[BowBiz]

You still have to do all the bookwork and tax returns if you are a sole trader!

Never any escape from paperwork..lol

Jayne

[mitov]

Do you....argggg! But why do? I know you have to do the paper work becasue they are all published on companies house websites, but why for a sole trader?

[BowBiz]

Anyone who starts there own business has to register with the tax office, even if you are a single person doing a web business. You have to keep all records for monies going in and out of you business, also any receipts you may have. You have to keep all this for a minimum of 5 years I think!

Every year you have to do a self assessment form for the tax office and you have to work out how much tax you have to pay each year, by adding up all your records at the end of your tax year. I use an accountant for all this stuff, as I am a sole trader myself.

You also have to pay voluntary national insurance contributions too.

Jayne