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Do I need to register as ‘self employed’?

14/12/2017 13:12:02
First of all,I am a (very) senior citizen and was informed by HMRC 2-3 years ago that I no longer needed to submit a self assessment form.
I was subsequently made redundant last year so just recently decided to do some very small amount of work as a sales agrntv,using a few of my old business contacts.
My business will be on very low turnover like 5-6k annually and maybe only about 10-12 transactions over a tax year...no VAT involvement as virtually no goods purchases made.
My question,is there a threshold below which I can simply submit details of my business income to HMRC ( bearing in mind I don’t presently have to submit a SA form) or do I have to register as self employed and return to filling a self assessment form in?
Thank you for advice on this.
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  • Catherine Newman
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Re:Do I need to register as ‘self employed’?

14/12/2017 14:45:05
Dear Red Arrow

Unfortunately you do have to register as presumably you have the state pension and occupational pensions.

It is a condition of being taken out of SA that you tell HMRC if you meet the criteria for filling one in.
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Re:Do I need to register as ‘self employed’?

14/12/2017 16:19:53
Many thanks Catherine ...one more thing if I may....as the number of business transactions will be minimal,keeping my own accounts and filling in the SA form should not be beyond me.So,do I have to get annual accounts completed by an accountant or is DIY acceptable to HMRC?
Tax matters are not my strong point!
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Re:Do I need to register as ‘self employed’?

14/12/2017 16:28:33
Hi red arrow

The link below confirms you need to fill a tax return if you are self employed. You do not need an accountant to fill in the return, its your choice.
https://www.gov.uk/self-assessment-tax-returns/who-must-send-a-tax-return

Kind regards
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  • Catherine Newman
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Re:Do I need to register as ‘self employed’?

14/12/2017 17:03:55
You are allowed to summarise your accounts into a three-line set of accounts ie income, less expenses=profit assessable.

You should be aware that you could be required to make payments on account in two instalments depending on the level of your pensions.
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Do I need to register as ‘self employed’?

14/12/2017 17:04:48
Catherine,

Many thanks as ever for your insight and contribution, very much appreciated.

Kind Regards
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  • Catherine Newman
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Re:Do I need to register as ‘self employed’?

14/12/2017 17:05:20
You are allowed to summarise your accounts into a three-line set of accounts ie income, less expenses=profit assessable.

You should be aware that you could be required to make payments on account in two instalments depending on the level of your pensions.
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Re:Do I need to register as ‘self employed’?

14/12/2017 18:35:52
Much obliged to you both for your help...clearer now.
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  • Catherine Newman
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Re:Do I need to register as ‘self employed’?

15/12/2017 13:12:58
A pleasure.