Self Employed + Employed..

[aju2012]

Hello Experts,

Very soon I am going to apply for Tier 1 (G) Etn, I am employed as we as self employed I am receiving fees for consultation from clients and I am depositing the same in my saving bank account. So am I need to show dividend vouchers or would I be considered as Directors of Company.
I have already registered with HMRC under mt name.


Thanks & Regards,

Aju

[akan]

Are you registered as sole trader or your company is VAT registered?

The bit I am not sure about your depositing money into your personal account rather current account.

In savings account you get interest every month on your savings and it will be hard to calculate your tax at the end of the year because it will effect your interest rate that bank gives you.

Its a bit complex one, i would suggest to consult with an experienced accountant.

Regards

[aju2012]

Hi,

I am registered as self employed (Sole Trader) as my turnover is hardly less
Than 4K. and yes I am depositing money and some time my clients transfers funds to my saving (Personal) account. As it is not compulsory to open business or current accout for self employed I have deposited all amount i. My personal account.


Thanks

Aju

[karg_g]

Hi,
It looks as if ur self employed. Since u have registered yourself (not ur company). If my assumption is true u can claim ur profits as income. Also remember if ur companies accounts are due they might expect to see Corporation tax payment along with any class4 NI due.

U wudnt need dividend vouchers for this. Accountant letter along with business bank statement. Again I m not a solicitor so kindly double check before submitting ur application.

Good luck mate!

[akan]

Sole Trader needs to Pay Class 2 NI , however your earnings are less than 5k so you are eligible for Class 4 NI.

Its fine if your clients deposit money into your personal account.