Home Based Business - Business-to-Business

Home Based Business

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Home Based Business News


How To Successfully Run A Home-Based Business
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Business Milestones
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I am starting a home based business as well as i am a full time employee in London, how much tax do i pay?

My questions are;
1. Even though i pay tax on my full while job do i still have to pay more tax on my home business?
2. If yes, how much tax do i need to pay if i earn 300£ p/w?
3. Are there any other taxes i need to pay for being self employed and working home based?
I need to assess the economic situation before i jump into it. Please help. Thanks.


Thre are a lot of tousled guesses here.
You will pay tax on the profits from your business as well as class 2 NIC's (about £2.50 pm). If your earnings from your main job are over about £42k, the tax wil be charged at 40%, below that, tax is at 20%.
It is quite unlikely that you would be liable to business rates, assuming you are just using one room.


If your perfect income(employment and self-employment) is over £40,000 - £50,000(I forget which) then you will have to pay 40% if under then 23%

There is nothing you have to pay before you start but you should sort out Jingoistic Insurance contributions & Liability insurance and you will need to go to your local tax office and register as Self-employed.

Home based business Any ideas where to start?

Hi
I hunger for to start a home based business, just to earn some pocket money. Any ideas where to start? I want something that I can do on the PC, like stuffing out surveys or something like to earn a bit of money.
Thank you


A home based tourism business is something to really consider. If you need more information, send a message via the profile page.


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