Hi there, i really hope someone can help me - i make hats for a hobby and due to the interest from friends and family, etc i started a website recently. I registered with HMRC that i'm self employed (i also work full time but don't earn that much !) I also registered as exempt for National Insurance deductions because with sales less expenses i will probably only make a few hundred pounds a year. Its not a serious business just something to do in my spare time.
My only problem is im confused with the whole tax return thing which will come through next year ?! I know i will need to pay tax on the income but how much (or what percentage) should i be putting past for every piece i sell for the tax return next year ?? Help, please! thanks
I don't want to pay for an accountant as i would only be making a few hundred pounds !!!!!
My only problem is im confused with the whole tax return thing which will come through next year ?! I know i will need to pay tax on the income but how much (or what percentage) should i be putting past for every piece i sell for the tax return next year ?? Help, please! thanks
I don't want to pay for an accountant as i would only be making a few hundred pounds !!!!!