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HM Accountax Ltd
HM Accountax Ltd, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 154
Experience:  I am an accountancy professional with more than10 years hand on experience in audit, accountancy and tax affairs.
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I am self-employed with a network marketing business, and I

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Hi, I am self-employed with a network marketing business, and I was wondering what is the process for me to declare my earnings? (I have not yet taken the money out from the companies account).
JA: Have you talked to a tax professional about this?
Customer: No
JA: Anything else you want the Accountant to know before I connect you?
Customer: No

Hi,

I am an advisor at Just Answer and I am happy to assist you.

Before i advise you anything, could you please confirm if you have registered the business?

Regards

Muhammad

Customer: replied 6 days ago.
Hi,
The business is not mine, is a world wide company called doTERRA that is registered in UK as well (but not by me personally)

Do they pay you as PAYE or on self employed basis?

Customer: replied 6 days ago.
self-employed basis

Have you registered yourself with HMRC yet?

Customer: replied 6 days ago.
no, that is the problem, I don't know what are the steps, nor where I can register
Customer: replied 6 days ago.
also I shouldn't be paying tax yet as I don't earn more that £12,000 a year

Alright, don't worry - That's why i am here to help you.

1st step you need to register yourself as self employed using the link below:

https://www.tax.service.gov.uk/shortforms/form/CWF1ST?dept-name=CWF1&sub-dep

You'll receive UTR in 4-6 weeks and then you need to submit the tax return annually.

If you have any queries then please feel free to contact me.

Regards

HM Accountax

Customer: replied 6 days ago.
Thank you, ***** ***** complete the form, and where do I submit the tax return anually? and on what date does that need to be submitted?

You complete the form and submit online to HMRC.

Then you need to submit the tax return to HMRC on annual basis by 31.01 following the financial year. e.g. Tax return for 05/04/2021 will be due by 31.01.2022.

Regards

HM Accountax

Customer: replied 6 days ago.
Ok, thank you, that's great!

My pleasure.

If you need any help with tax returns in future then please feel free to contact me.

Regards

HM Accountax

Customer: replied 6 days ago.
Thank you! Have a great day!

You too.

Regards

HM Acoc**tax

Customer: replied 6 days ago.
Hi on the form they ask the following "Date the above period of self-employment started or your trading allowance exemption ceased?" - I have not yet started using the money from my business, I don't have them in my bank account, and after I request to have them in my bank account it would take up to a month for that to happen, so I'm not sure what date to put on the form...

Hi,

when did you started working for this company? It should be that date.

Regards

HM Accountax

Customer: replied 6 days ago.
3 years ago, but haven't earned anything for at least one year

so when is your first payment recieved?

Customer: replied 6 days ago.
I can't really remember, because it was not significant, and like I said I received it in my doTERRA account, and just let everything accumulate there, and now it's when I'd like to start taking them out as I would like to start to use them to live on as well

If that's the case then put 06.04.2020 on the form and make sure you declare all the income to HMRC in your tax return.

Customer: replied 6 days ago.
ok, thank you!

My pleasure.

Please rate the answer so that we can close the query.

Regards

HM Accountax

HM Accountax Ltd and other Tax Specialists are ready to help you