Selfemployed?

[lucy_x]

Im currently on IS.
I have set up a small business making embroidered baby blankets, And at first it was slow..But its picking up now and i could see it being a profitable business (for instance today i was approached by a charity wanting over 1000 blankets making and me to be their permanant supplier!!)

Well I think i need to register myself self employed, It only really started being profitable the beginning of this week and obviously im still in - figures from buying equipment!)
so what do i need to do?

my list so far

• ring HMRC and register self employed

• ring tax credits and tell them my new arrangment.

• ring the job centre and "sign" off IS

• get a small earnings exemption certificate

• Change my details with housing benefit.

Now, I borrowed £800 fromt the job centre to get my equipment, when i sign off will this all have to be paid back at once or can i pay it off weekly still?
I already keep books so the accountancy/book keeping side is fine...

Is there anything i have missed..
Its all so confusing
Help me!

 

[~RedLily~]

Ooh I'll follow this because I'm going through all the same things. I registered self employed online though.
ETA: well done so far, sounds like you are doing soo well

 

[Laura2919]

You need to get yourself some books to do your accounts.
You need a book for ingoing and a book for outgoing. You have to keep every single receipt for everything you buy and you need to make sure you give receipts for the things you sell.
HMRC will tell you all you need to do when they send you your paperwork

Good luck and I hope you get lots of business

 

[lucy_x]

You need to get yourself some books to do your accounts.
You need a book for ingoing and a book for outgoing. You have to keep every single receipt for everything you buy and you need to make sure you give receipts for the things you sell.
HMRC will tell you all you need to do when they send you your paperwork

Good luck and I hope you get lots of business

Thanks for the tip on reciepts, It never occured to me

I do most of my buying/selling on ebay. So i assume that paypal invoices will be fine?

 

[Kiddo]

Keep all your electricity bills etc as well as if you're working from home you can claim a percentage of them for work costs.

 

[xerinx]

You will need to register with compaines house. https://www.companieshouse.gov.uk/

Probably more but mind is blank!!

 

[Divabell]

hi there, Im thinking of setting up as self employed and think you can work 16 hours without losing HB is this correct? as id only be working around 10 hours a week to start off with.

Also how did you get your loan from the job centre?
Many thanks

 

[Divabell]

hope you dont mind me butting in on your thread. lol

 

[RJ01]

You will need to register with compaines house. https://www.companieshouse.gov.uk/

Probably more but mind is blank!!

You only need to register with companies house if you are a LTD Company.

 

[New2Bumps]

You need to get yourself some books to do your accounts.
You need a book for ingoing and a book for outgoing. You have to keep every single receipt for everything you buy and you need to make sure you give receipts for the things you sell.
HMRC will tell you all you need to do when they send you your paperwork

Good luck and I hope you get lots of business

Thanks for the tip on reciepts, It never occured to me

I do most of my buying/selling on ebay. So i assume that paypal invoices will be fine?

Paypal would be fine.
I oftel sell bits but it's not my job it's just a now and then hobby really so I'm not doing all of the above you're doing, but - my concern with paypal was that I use it to buy and sell things that are not part of the business as well and I think if I do sell lots through my etsy or similar then I may get either a seperate paypal account or if you have a website or facebook page business then you could use Google checkout. Either way I think a seperate 'business account' may be well worth looking into.

Also, I thought if I did make more of my little hobby I'd go and ask Citizens Advice what to do as there is a centre in my city - maybe you have one near you - they give free advice!

Finally, my sister said something to me about public liability insurance if you're making things so that you're covered if something breaks but this might be more relevant for toys (e.g. if a sewn on eye comes off and a baby nearly chokes or somethign dreadful!!!!!!!!!) but as I said you prob don't need anything like this !
Good luck x

 

[odd_socks]

have u spoken to business link?

 

[lucy_x]

hi there, Im thinking of setting up as self employed and think you can work 16 hours without losing HB is this correct? as id only be working around 10 hours a week to start off with.

Also how did you get your loan from the job centre?
Many thanks

No worries
In my area there is no rule of hours on HB only on income..
For instance, My cousin works 30hours, But only earns about 30 a week (profit) sometimes less...and that hasnt changed his HB.

My loan took around a month and i pay back £16.00 a week.

 

[Laura2919]

Yeah paypal receipts are fine. My sister has her own business, she does wedding stationary and she does most of her business through ebay so its really good for her and she uses paypal receipts..
All bills should be kept. You only have to register with companies house if your a LTD company.