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Setting up as self employed on mat leave

(4 Posts)
flymo79 Tue 25-Nov-14 20:41:26

Am about to start my own business but am on mat leave from my employer until next august. What do I need to do? I've visited HMRC website but keep getting redirected to different parts of the site?
Also want to know if I can use a personal account for my business expenses?
How much should I save aside for tax/ni?

museumum Thu 27-Nov-14 12:59:38

yes, you can use your own bank account.

and saving around 20% tax will be sensible as your personal allowance will be set against your PAYE work so you'll be taxed from the start.. actually if you're a higher rate in your PAYE work then save that instead.

NI you need to pay directly. It's about a tenner per month. You need to register to pay these even if you pay NI though your PAYE work.

Tbh. when I was doing p/t PAYE and starting up I paid an accountant to do my tax returns as it was easier and it means now I have proper certified accounts which will be useful for our mortgage application next year.

are you going back to your employer after mat leave? i'm really not sure of your situation with that as i was already s-e before I took mat leave.

flymo79 Fri 28-Nov-14 00:53:02

Thanks museum, yes I intend to go back to work as I won't be earning enough through my s/e work by next year

Elllimam Fri 28-Nov-14 10:35:30

I am in the same situation so am watching with interest.

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