Ostroff, Fair and Company
*Ostroff, Fair and Company>>>United Kingdom Taxes

Do I need to inform Inland Revenue?


I just started working from home . I've heard when you start a new business you got 3 months within 3 months to inform Inland Revenue is this true? but I don't even know what my earnings will be yet for 1 year.Can I not just save all the records then inform them after a year?

No you need to inform them within 3 months. You also need to start paying National Insurance Contributions Class 2, which is 拢2.10 a week. If however your income is below a threshold of 拢4465 (for the tax year 2006/2007), you can ask to be exempted from these contributions. After registering you will be asked to fill in a self-assessment tax return, after the tax year is over (i.e. after 5 April 2007) which you need to submit by 31 January 2008. You will also need to pay any income tax, capital gains tax and National insurance Class 4 on that date.
yes you do girl
yes you do
best to do it asap mr tax man is a nasty basterd
Infrom them, but you will nto get assessed for at least a year, ie your first return will not be until the anniversary of your tax year end.

EG You start a business NOW - (Jun 1st) you elect your tax year to be April 5th - your first assessment wil be April 5th 2007
I believe you do have to inform the inland revenue about your business. After this you keep all records of income and expenditure related to your business. After the 12 months you have to give your records in and they will assess you for income tax. It is best to save some money to allow for this. You will have some tax relief on a certain amount of expenditure relating to the business. I should take some legal advice before you begin to make sure you do not break any laws and you run your business at a profit.
its better that you do coz they may fine you if you dont
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