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a s s e s s m e n t

registering as self-employed
tax return to
complete along
is pretty straight forward...

with useful
guidance notes
on how and when
possible and within 3 months Regardless of whether or not you
to complete it.
of the end of your first month of think your income will exceed
You can also complete your tax
trading. If you register later than your personal tax allowance, you
return online!
3 months you may be fined £100 should register with HMRC as
for late notification. self-employed. This applies even
National Insurance Contributions
if you are currently employed
(NIC)
There is often some confusion by somebody else and are just
Being registered as self-employed
about contacting the taxman running a small business in your
will also generally (there are a few
to register as self-employed as spare time.
exceptions which are covered
everyone is entitled to earn up
below) mean that you need to
to a certain amount each year Registering as self-employed is
pay Class 2 National Insurance
tax free, known as your personal pretty straight forward and the
Contributions.
tax allowance (for 2008/2009 form “CWF1” to register is available
this amount is £5,435). So, if your to download here: http://www.
The requirement to pay Class 2
hobby turned small business is hmrc.gov.uk/forms/cwf1.pdf or
contributions kicks in if you earn
your only annual income and you you can call the helpline for newly
more than a certain amount
don’t envisage earning more than self-employed people on 0845
per year (currently £4,825 for
this amount it’s easy to feel that 915 4515.
2008/2009). Class 2 contributions
you need not inform the tax man
are charged at a flat rate which
but that’s where you’d be wrong. Once you are registered, HMRC
is currently £2.30/week for
will send you an annual self-
2008/2009 so the easiest way
Winter 2008 ukhandmade 
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