I am currently working full time from 9-5. I am also freelancing on the side at the moment. Over the next 12 months i want to leave my full time job and freelance full time. I got confirmation this morning that my business bank account is now open...

 

My question is, can i fill out the self employment form and work full time at my 9-5 job but also part time freelancing, or should i wait until before i go full time at the freelancing before i fill out the self employment from.

 

Thanks Tyler

I've been meaning to call my tax office and do this for a while now. I don't think I need to declare it for some time after you start working for yourself though. Not that i've earned any money yet.

 

DO I have to get a separate business bank account, or can I use my current one?

All i know on the what you have asked me is that, if you dont register for self-employed within 3 months of when you have started trading, then you can be fined £100+

 

On the business account, its best to keep your personal account and business account separate. Setup a direct debit, from the business account to pay your wages into your personal account. That way, if the government decides they want to investiagate you, then they can only i think investigate your business account and not your personal account.

 

Hope this helps, and now i hope that someones answer me

Do you mean registering as self-employed? Are you paying tax through your 9-5 job?

 

You should register if you are earning through your freelancing business, as the money you get is still classed as earnings, and will be taxable.

///oops I posted in the wrong topic//

Register yourself with your local tax office as soon as possible and they will tell you what you need to do in terms of accounting and keeping your tax payments straight.

Anyone know what form i have to full out for it?

This site should answer all of your questions.

All i know on the what you have asked me is that, if you dont register for self-employed within 3 months of when you have started trading, then you can be fined £100+

 

On the business account, its best to keep your personal account and business account separate. Setup a direct debit, from the business account to pay your wages into your personal account. That way, if the government decides they want to investiagate you, then they can only i think investigate your business account and not your personal account.

 

Hope this helps, and now i hope that someones answer me

 

As long as you earn less than 5000 before you register you can claim small earnings exception

No form to fill out to register as self employed, you just give them a call and it takes about 5 minutes. Very simple to do.

 

I believe there is a penalty for failing to declare your SE status before a certain amount of time of starting to get paid an SE income.