How much longer?

[Tom]

About a month ago i have sent off the paperwork to become self-employed (as well as keeping my own full time job) to become a legal DJ, if i said that right?

To this date i have had no responce from HM Revenue.

How much longer would i be expected to wait for the paperwork to come back.



Many thanks

Tom

[Vectis]

Try the HM Revenue & Customs helpline for the newly self-employed on 08459 15 45 15 tomorrow?

[Tom]

Cheers. Ill give them a call after work.

[rob1963]

About a month ago i have sent off the paperwork to become self-employed (as well as keeping my own full time job) to become a legal DJ, if i said that right?

To this date i have had no responce from HM Revenue.

How much longer would i be expected to wait for the paperwork to come back.

Hi Tom,

In my experience the inland revenue has become very inefficient since changing to HM revenue & customs...so I wouldn't hold your breath!

For example, I used to receive my self-assessment tax return a couple of days after the tax year ended. This year it didn't arrive until the end of April - more than 3 weeks after the tax year ended!

Also, I always send my return back within a week or two of receiving it, and always used to hear back from them after about 4 weeks. However, this year I was more than 4 MONTHS!

Bring back the "Inland Revenue"

:bang: :bang: :bang:

[Vectis]

Also, I always send my return back within a week or two of receiving it, and always used to hear back from them after about 4 weeks. However, this year I was more than 4 MONTHS!


Did mine online the last couple of years - this year it was all done and dusted by early May.

[Dragonfly]

About a month ago i have sent off the paperwork to become self-employed (as well as keeping my own full time job) to become a legal DJ, if i said that right?

To this date i have had no responce from HM Revenue.

How much longer would i be expected to wait for the paperwork to come back.



Many thanks

Tom

Your response from HM revenue can be found on ebay for a buy it now price of £16.99 as they used their own courier service and it mistakenly ended up at an address in Nigeria. :D :D :D :D :D

[rob1963]

Your response from HM revenue can be found on ebay for a buy it now price of £16.99 as they used their own courier service and it mistakenly ended up at an address in Nigeria. :D :D :D :D :D

:Laugh: :Laugh: :Laugh:

[Solitaire Events Ltd]

My accountant tells me that they are very understaffed at the moment, so expect delays.

[Tom]

ok. ill have to leave it for a while.because i have sent my paperwork to them does this mean i am "legal" or is only that when i get the paperwork back with my own buisnes number( if thats right).

Just want to know so i can start doing other stuff regarding the buisness.

[Shaun]

ok. ill have to leave it for a while.because i have sent my paperwork to them does this mean i am "legal" or is only that when i get the paperwork back with my own buisnes number( if thats right).

Just want to know so i can start doing other stuff regarding the buisness.
Give them a quick call just to make sure they've received your paperwork. It'll only take a few minutes and it'll provide you with the peace of mind you're looking for.

[Tom]

wow. that took a while.

i phoned the number martin gave and then theyn gave me another number. phoned that number and they gave me another number that is more local to me.

So i phoned that number and explained why i was calling and the lady on the phone said that she has everything and it has all been set up.

I was like "phew". Now that is sorted. Just need to get everything sorted for april.

I know i have to pay tax on my income bookings but is there anything else i will have to do when it comes round to this???

[rob1963]

I know i have to pay tax on my income bookings but is there anything else i will have to do when it comes round to this???

Tom,

You don't pay tax on your income from discos, you only pay it on your net profit...and even then you have a tax allowance, so you can make about £5,000 before you have to start paying any tax.

Make sure you keep records of all your income from discos, and also keep receipts for all expenses.

You will also have to pay national insurance, but I think the tax people will advise you about that.

:)

[Tom]

Tom,

You don't pay tax on your income from discos, you only pay it on your net profit...and even then you have a tax allowance, so you can make about £5,000 before you have to start paying any tax.

Make sure you keep records of all your income from discos, and also keep receipts for all expenses.

You will also have to pay national insurance, but I think the tax people will advise you about that.

:)

Ahh ok. Wasnt to sure how this all goes. So i have my incomes and my outgoing and i pay so much from that?

£5000 before paying any tax, looks like i have a while to go then. :lol:

I have kept all my receipts for all the expenses i have made and have the original booking forms with the final payment on them.

Well i am keeping my current full time job till i can afford to work full time as a dj. They said i wont have to pay any National Insurance as im already paying it on my current job.

[Solitaire Events Ltd]

Ahh ok. Wasnt to sure how this all goes. So i have my incomes and my outgoing and i pay so much from that?

£5000 before paying any tax, looks like i have a while to go then. :lol:

I have kept all my receipts for all the expenses i have made and have the original booking forms with the final payment on them.

Well i am keeping my current full time job till i can afford to work full time as a dj. They said i wont have to pay any National Insurance as im already paying it on my current job.

That's not strictly true. It depends what you earn from the disco side of things, but there are different classes of national insurance.

Have a read here. http://www.hmrc.gov.uk/rates/nic.htm

Also, you will have used your tax allowance on your full time job, so you won't get it again for DJing.

[Vectis]

Tom I'd like to offer you some advice.

I'm assuming that in your "day job" you're paying tax at the normal rate, not the higher rate. If I'm wrong, then adjust these figures a bit to account for it.

1. Unless you KNOW that your setup costs will not be offset by your disco earnings, put 25-30% of everything you've earned from the disco to one side.

2. Keep records of EVERYTHING - purchases, subscriptions, sales. Ideally list everything in a spreadsheet or on paper forms.

3. In April, when you get your paperwork through (more likely May), pay an accountant to take care of everything for you.

If you keep good records you shouldn't be charged more than £200-£300 max. The good news is this is a legitimate business expense that you can deduct from the taxable earnings. So in essence the taxman will pay for a big chunk of it. The accountant will find lots of ways to reduce your tax liability that you'll never have thought possible :)

The accountant will also need to see records from your day job - so make sure you have a P60 or a years worth of payslips covering April 06-April 07 and details of any 'perks' like company car, health insurance that type of thing. They'll also need to know about any investments or significant savings you have and the interest you might have earned on these.

If there is a tax bill to pay, take it from the money you put aside. If there's any left, treat yourself!

[Tom]

thanks for that vectis. i think im gonna copy and paste that so i have that to look at. i have only been at my current job for about 6-7 months so i might have to dig out the p60 aswell just to make sure.

What do you mean by subscriptions???

[Vectis]

You'll get your P60 in April from your main employer.

By 'subscriptions' I meant stuff like mobile phone and any other recurring costs that are business-related. If you subscribe to business-related magazines, websites, advertising sites etc. that sort of thing.

[Tom]

well i have my moblie which i use for buisness and personal use. would that count???

[Vectis]

You should be able to claim a reasonable proportion of the rental and call costs. Maybe 50% is reasonable? Only you will know ;)

Personally I have a dedicated business mobile and 0800 number on divert to it.

[Tom]

You should be able to claim a reasonable proportion of the rental and call costs. Maybe 50% is reasonable? Only you will know ;)

Personally I have a dedicated business mobile and 0800 number on divert to it.

I would say about 50% aswell ;)

would i have to prove this with phone bills???