The Wholesale Forums

[siewolves]

hi can anyone help
just about to register as a business but i also work full time in another job
i pay the normal tax through my job and also pay my national insurance through my job
when i register as a sole trader how will i pay tax do i have to pay it twice i.e my normaol one thorugh my job and then again on my business

p.s my business and job are totally seperate i dont want to quit my job b4 i know how my business will go in the first year

thanks in adance

[hardwareheroes]

You will have to start paying class 4 NIC - basically another tax on the self employed - you will also have to pay tax twice per year on your self employed profits. It will SEEM expensive as all your personal allowances will be utilised against your main income

[siewolves]

thanks for answer
will i still be taxed normally out of my wages but then have to pay another 2 taxes twice a year on just the business profits
p.s what can u claim as persoanll allowances

[hardwareheroes]

Yes, your job will carry on as normal but you will have to pay tax on the business profits as a general rule

[siewolves]

just had a look at that class 4 nic bit complect lol
p.s what sort of things can u claim as expenses on your business i.e internet phone etc can that be classed as a expense

[hardwareheroes]

Anything related to your business activities and even a portion of your household expenses if you are working from home

[mumof3angels]

if you used it for business you claim it. ie if you have to travel to get something take note of the miles and claim the petrol/ desial. keep all you receipts. they are a must but as I said just try to remember use for work then claim it.

[mumof3angels]

Originally Posted by hardwareheroes

Anything related to your business activities and even a portion of your household expenses if you are working from home

And that too!! I did not know this when I 1st started out. so like your esb( not sure what it is in England but ur lights is what I mean), phone all these things and dont forget to add them onto you VAT list also

[Inferno House]

Originally Posted by siewolves

hi can anyone help
just about to register as a business but i also work full time in another job
i pay the normal tax through my job and also pay my national insurance through my job
when i register as a sole trader how will i pay tax do i have to pay it twice i.e my normaol one thorugh my job and then again on my business

p.s my business and job are totally seperate i dont want to quit my job b4 i know how my business will go in the first year

thanks in adance

Good luck!!! i'm de-registering & jacking the whole thing in, but thats only as i'm a one man band... hope it works out for you though

[jayjrc]

he is not talking about being vat registered, he is talking about being taxes which i belive is seperate from vat, you cannot deregister from being taxed, that would be illegal surely? as everyone who is running a business has to pay tax surely? please correct me if i am wrong someone