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What do I do now?! I'm not in work at the moment so every little
helps but I'm not sure what I should do with this potential
little business and how I should set myself up. It will be a bit hit and miss with the odd update to the site from time to tine and if I make anywhere near the tax threshold I'll be very surprised.
What are you waiting for!
Defo going ahead with it, just need to know how best to protect myself and those I'm doing the website for. Sounds like setting myself up as a ltd company and paying an accountant might be a tad over the top though. What options are there?
Just register as a sole trader. Keep all your paperwork and set up a savings account to keep your tax in until you have to pay .
Developed as a favour for friends? Can't they just donate some funds your way as a gift if it's nowhere near the tax threshold?
Register as a sole trader. Free and easy. Then you'll need to pay national insurance and fill out a self assessment tax form at the end of the tax year and if you've made enough then pay the tax. Keep good records of money in and out.
Your not in work, are you are claiming benefits?
Will you make enough from the one project to cover your benefits?
If not maybe have a word with the benefits office to see what the effect occasional freelance work would have, and get your friends to to pay you for a full week when the work adds up to that, at least until you have a couple more clients.
Coffeeking, yes it was a favour initially and they did give me a gift (CR gift token as it happens!). I only expected it to be a one off but I keep getting requests to add to the website. Not wanting to end up a mug I have asked to be paid and they have agreed wholeheartedly. So there could be a regular, if small, stream of money coming in.
Sole trader sounds good. As I've been out of work for a while now and not been paying NI contributions this might be a good way to get them topped up even if the income doesn't appear to justify it.
Thanks MSP. I'm not claiming benefits at the mo. I was under the delusion that I wouldn't be out of work for long so didn't register.
You can work 16 hours a week or less and it won't effect your benefits anyway.
You can work 16 hours a week or less and it won't effect your benefits anyway.
Except for the pound deduction they would make for every pound earned.
Not really an issue if the OP isn't on benefit either. 😉