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PC Repair service- tax obligations?

highlydebased · 2012-03-05 12:14:26

What are my tax obligations if I am to provide a PC repair service? I am unemployed otherwise, so this will be my only earning. How do I register for tax as self employed? I have p45 from previous employer What else must I do as regards vat etc to ensure I am compliant?

05-03-2012 12:14pm

#1

highlydebased

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What are my tax obligations if I am to provide a PC repair service?

I am unemployed otherwise, so this will be my only earning. How do I register for tax as self employed? I have p45 from previous employer

What else must I do as regards vat etc to ensure I am compliant?

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#2 05-03-2012 7:53pm

gerrybbadd

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You'd need to complete a TR1 form, and you'd be registering as a sole trader for tax purposes.

Once this is done, you'd be taxed under the self assessment tax system, so you'd complete an annual Tax Return, and also pay any tax due annually also.

You can use the TR1 to register for VAT too, but I don't think your obliged to register for VAT as long as your increasing income would be below 50,000.00

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