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Small home business tax?

Question: Small home business tax?

(Posted by: danny on 2008-01-15 06:50:36)

I run a small part time catering business at home , 20 to 24 hours a week, and i earn about £20 to £50 a week (profit), and sometime nothing. wondering if need to pay tax ? i have a full time job


Answers:

Posted by: SELB on 2008-01-19, 11:00:45

It depends how you set yourself up. Speak to a tax accountant who will point you in the right direction for a fee. It sounds like the cheapest option is to declare your income on your tax return at the tax year end. This would mean you would have to pay tax on the profit.

  

Posted by: fengirl2 on 2008-01-15, 07:30:02

If you have no other income, then this is below the tax threshold of £100 per week (£5225 a year). However, you would need to register as self employed as you are lieble to class 2 NIC (although I think you would get the small earnings exemption). You need to register so that your NIC record is complete as it counts towards your pension. Go to hmrc.gov.uk for the form to register

  

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