Showing results for tags 'assess'.
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Hi, I'm after some advice as I'm finding this all very confusing. I've recently bought a sewing machine and was asked by some friends to make various bits, bunting, mobile covers etc. They bought the materials first and I made them. No money was exchanged. But after receiving comments from others and being asked to make for them I thought I could do extra. I already work part time (20 hours in a school) but thought in my spare time as I enjoy making stuff I could maybe do extra for people and also do craft fayres etc. I was told I'd need to register with hmrc, so I registered the other night whilst very tired, using a name of the top of my head and I put that I started working (the business) on) 06/04/12 (I think it was this date, I know I did it for the new tax year) - the new tax year?!? So I can start receiving money and not get in trouble...is this right? HMRC have sent me a UTR number so I went on the site to finishing registering but I want to change the name...can this be done as I don't like the name I started with? Also I have put 08/06/12 as the date I started working for myself on there as I cant remeber the exact date I put previously, will this matter? I have also read that I will have to start making class 2 NI payments? £2.50 a week??!?! Yet I am no where near earning anything like that yet, so this is worrying me? As I have heard nothing about it either from HMRC and don't want to be owing? I've had 2 people enquire about orders but no pennies as yet. I'm so confused by it all I'm thinking of not bothering now, but how do I cancel it all if I do?!?! I posted this in a different forum last week, today I have recieved a letter from HMRC telling me I need to complete a self assesment for last tax year 2011-12, yet I registered for this year and apart from the things I made for friends last year (which as I said they paid for) and materials I have bought myself to make for my own little boy I have had no other income or outgoings so now I am more confused. I made lots of little bibs and took them to my local craft fair but I didnt sell any off them so I have been giving them as presents for my friends who have had babys...Im even more confused now, why are they asking me to self assess for last year? I dont even want to set up a business anymore now as its coming up to the 6 week hols and I just want to spend time with my boys and dont even want to do any off the craft fayres etc that I was thinking of doing, I wont have the time...what do I do now???
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