Self Employment Form

[Metalcherry]

Anybody help me?
I need a bit of help with my filling in of Self Employment form
I have a CWF1 form - i have filled in the all the simple bits but its asking me of name of business etc - can anyone tell me what to put in?

I work full time but Im doing bits and bobs in extra/background work p/t - not getting regular stuff through ATM but dont know how to fill this in.
Been told that the start date is the date i have signed with my agency (Nov) despite only getting my first job in April but its just the rest i cant work out how to fill out.

I also have an NI form they sent to me - do i have to fill this out too? or is this already done through my full time job?

also, random question - probebly no use - but when you get paid, can you pay towards your tax at the time instead of a lump sum at the end of the tax year? - saves me having to keep it aside all that time - i know there is a DD but i do not make a regular wage - i will only get jobs every couple of months and varying sums.

so many questions - gawd!

[djtoast]

Originally Posted by Metalcherry

I also have an NI form they sent to me - do i have to fill this out too? or is this already done through my full time job?

i think yes you do have to fill it out, because you'll have to pay both class 2 and class4NI contributions if you're self employed - the latter won't be covered by contributions deducted by your full-time employer.

Originally Posted by Metalcherry

can you pay towards your tax at the time instead of a lump sum at the end of the tax year?

i don't think so. you're expected to cough up twice a year though, and it isn't at the end of the tax year - it's at the end of january and july. so you won't need quite such a big lump each time.

[Semprini]

Originally Posted by Metalcherry

Anybody help me?
I need a bit of help with my filling in of Self Employment form
I have a CWF1 form - i have filled in the all the simple bits but its asking me of name of business etc - can anyone tell me what to put in?

also, random question - probebly no use - but when you get paid, can you pay towards your tax at the time instead of a lump sum at the end of the tax year? - saves me having to keep it aside all that time - i know there is a DD but i do not make a regular wage - i will only get jobs every couple of months and varying sums.

so many questions - gawd!

If you haven't actually registered a name for your business, just put your own name down.

And you can make payments in advance if you want, but it's kinda discouraged - it'll just sit there and won't earn any interest until it's ten months past the end of the tax year concerned. By all means keep money aside towards your tax bill, but you'd be better sticking it in a savings account at the bank. (HMRC's interest rate for those in credit is currently 0.00% anyway)

Originally Posted by djtoast

i don't think so. you're expected to cough up twice a year though, and it isn't at the end of the tax year - it's at the end of january and july. so you won't need quite such a big lump each time.

Only if your liability's above £500 (rising to £1000 this tax year) and less than 80% of your tax is paid through PAYE.

[triggerhappy]

Originally Posted by Semprini

Only if your liability's above £500 (rising to £1000 this tax year) and less than 80% of your tax is paid through PAYE.

He's a bugger for trying to make me think I'm liable for this even when I'm not.

[Metalcherry]

I found out the second form i got - which i thought was registering for NI is actually a mandate for DD to pay NI.
I was reading the instructions and they wish to take 2.30 off every week. i am only rarely going to get jobs out this - should i fill this in or leave it and have a cumulative taken off at end of year. it says if i make less than i.e. £4,500 a year then i might not have to pay this, is this just for the second job or for both jobs (1st job is already paying NI etc)

[m0nkeymafia]

Originally Posted by djtoast

i don't think so. you're expected to cough up twice a year though, and it isn't at the end of the tax year - it's at the end of january and july. so you won't need quite such a big lump each time.

Thats only after you've completed your first self assessment though isn't it?