RockVinyl.com started this topic @ 18:09 on 08/04/2004
Hi I have just started my own business and have forms to register with the Inland Revenue as a Sole Trader, but I still am employed part-time - does anyone know if I am "Self-Employed" or "Employed"? The IR advised I would be a small earner so NI and Tax is not a problem, but I am confused about my status!! Thanks rv
RE: Part time/sole trader
Barr | 14/06/2004 09:33 AM
you are both. Your employed for the company you work for and are self employed for your business.
You should be ok on the NI front if you are a 'small earner'
Barr Stevenson
Chartered Accountant
http:/www.our-accountants.co.uk
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Barr Stevenson
Chartered Accountant
http:/www.jsaccountants.co.uk
RE: Part time/sole trader
retailworld | 16/06/2004 08:49 AM
So if my current employer pays my tax and NI on, say £10k, then would I be alright earning another £3k from my part-time business, not needing to pay NI?
Thanks,
Richard
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Regards,
Richard
Retail World - Supporting Retailers Across the UK
www.retailforum.co.uk
RE: Part time/sole trader
Barr | 16/06/2004 08:55 AM
If your self employed profits are less than £4,745pa you don't pay any Class 4 NI.
Class 2 is not payable if self employed earnings are less than £4,215pa
Barr Stevenson
Chartered Accountant
http:/www.our-accountants.co.uk
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Barr Stevenson
Chartered Accountant
http:/www.jsaccountants.co.uk
RE: Part time/sole trader
bobturner | 16/06/2004 09:11 AM
The inland revenue may have told you this already but I think you need to apply for exemption from Class 2 NI contributions if you're earning less than £4,215 from your self-employment
They have some notes about this here
http://www.inlandrevenue.gov.uk/startingup/class2ni.htm
click on the "But I'm not earning very much..." link
You can also download their leaflet about NI contributions from here
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Bob Turner
Home Business Ads UK