Self Employment as Sole Trader

[scorpio_besal]

Hello Everyone,

I would appreciate if those who know about working as Sole Trader while you are employed.

Here is my situation.

In 2012-13 , I was working as sole trader and was employed full time for a company but in after 14 months , I stopped working as sole trader but continued to work full time as Employed.

In 2015 , I would like to start to work as Sole Trader while I am still working as employed, so here are few doubts that I have:

1) Should I register as a new sole trader or should I call HMRC and tell them that I have started to work as a sole trader.

2) This month I would like to start the sole trading but I not expecting the earning from self employment to be more than £5000 from 15 Mar 2015 to 06 April 2015,
However my earning from employment is more than 30K for the year, so can I apply for Small Earnings Exception for Class 2 National Insurance.

3) In 2012-13 I had business bank account while working as Sole Trader but this year I am planning to use my Personal Current Bank Account for sole trading, would that be OK.



Thank you in advance.

Regards

[HSK Accountancy Services]

1- Call HMRC and they will reinstate your UTR or issue you a new one.

2- Not a good idea to save NI. NI payments are good proof of self employment for HO.

3- Yes OK to use personal bank account.


I hope this helps.

[Manka10]

2- Not a good idea to save NI. NI payments are good proof of self employment for HO.

Not necessary, HO accepts exception certificate as proof of self employed

[scorpio_besal]

Thanks for the reply to both of you , HSK Accountancy Services and Manka10.