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to pay them is via Direct Debit you may also need to pay Class 4 (SES) call centre on 0845 915
(you can download the form contributions. This requirement 4655.
CA5601here: http://www.hmrc. kicks in if you make more than a
gov.uk/pdfs/ca5601.pdf). certain amount of yearly profit. Value Added Tax (VAT)
Currently for 2008/2009, any VAT registration will only be an
There are, however, a number of profits over £5,435 are charged issue if your turnover for the
exceptions where you won’t need at 8% of profits and any profits previous 12 months is more
to pay Class 2 contributions: over £40,040 are charged at 1% than £67,000 or if you think your
of profits. Class 4 contributions turnover will exceed that amount
• If you are over Retirement Age are payable together with your in the next 30 days. This is known
(60 for women, 65 for men); tax as part of your annual self- as the VAT registration threshold
assessment tax return. and changes each year.
• If you are a married woman or
widow who holds a valid Married If you are self employed but also To be continued ……Part 2
Women’s Reduced Rate Election have a “day job” (i.e. are employed “Accounts”
certificate. (Withdrawn in 1977 by someone else) and think that
for new claimants); or you will be paying too much NIC The information in this [article]/
• If, you earn less than the overall then you can defer or [series of articles] is provided for
threshold amount per year (i.e. postpone payment of your Class general reference purposes only.
less than £4,825 for 2008/2009) 2 and Class 4 NICs until the end Whilst every effort is made to ensure
you can apply to the taxman for of the tax year by filling out form that the information is up to date
a “certificate of small earnings CA72 which you can download and accurate, the authors do not
exception”, which you can here: http://www.hmrc.gov.uk/ warrant, nor do they accept any
download here: www.hmrc.gov. forms/ca72a-08-09.pdf responsibility or liability for, the
uk/forms/cf10.pdf). accuracy or completeness of the
For further information you can content or for any loss which may
If your profits are high enough, call the Self-Employment Services arise from reliance on information
0 ukhandmade Winter 2008
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