registering as self employed

so registering as self employed is a case of do it as soon as possible, in terms of working, and if you dont do it then you could face a penalty fare. it is apparent that you must register as self employed even if your business venture does not turn over enough profit to be taxed.

NI- national insurance

again you must register to pay national insurance, at £2.50 a week(band 2) unless your earnings are below £5,315 for the year then you must apply to ensure that you are exempt from paying the national insurance.

in terms of our business venture, as we would be setting up as a sole trader then we would all have to register as self employed and also for national insurance band 2 then at the end of the year we would have to fill in a tax return in order to equate accurately the amount we should be taxed. with the type of company we have it would be very very difficult to estimate our income and growth, hence saving a portion of each months wages to pay for the tax.

(http://www.hmrc.gov.uk/selfemployed/register-selfemp.htm)