Hi
My friend is applying for ILR in November. He is registered with HMRC as a sole trader during 2015. He is claiming half of the earning from sole trader and the other half from employment
Could someone please help and clarify:
What does net profit include for sole trade? My understanding is it is turnover-expenses?
It does not include the tax on profit or Class 2 or Class 4 NI which will be calculated and paid at the time of self-assessment.
What does the accountant letter include for the sole trader? Is there a template which he can use?
The guidance says Class 2 should be paid but from this tax year Class 2 will be collected at the time of self-assessment for sole traders.
Senior members please help and advise!!
Thanks.
Regards
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