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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
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Experience:  International tax
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My husband became self employed at the end of May 2015 when

Customer Question

my husband became self employed at the end of May 2015 when does he need to stet paying tax and insurance please
Submitted: 1 year ago.
Category: Tax
Expert:  TaxRobin replied 1 year ago.
HelloHe should register as soon as he can after starting his business. At the latest, he should register by 5 October in his business’s second tax year.As he started after March 2015 as a sole trader, he should register before 5 October 2016.He will register for Self Assessment tax returns and Class 2 National Insurance at the same time.He will then be able to report his self-employment income through a tax return after the end of each tax year.https://www.gov.uk/new-business-register-for-tax The above link will take you to the HMRC page.You usually pay 2 types of National Insurance if you’re self-employed:Class 2 if your profits are £5,965 or more a yearClass 4 if your profits are £8,060 or more a yearHM Revenue and Customs (HMRC) will send you a payment request every April.
Expert:  TaxRobin replied 1 year ago.
Please advise if you need more information

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