Sole trader starts another business

Sole trader starts another business

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end of year of assessment. assuming he is already paying Class 2 contributions.

Am I correct?
Stuart Jones

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By JSJ54
07th Nov 2006 15:43

Thank you Mark
I am now fully reassured

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By User deleted
06th Nov 2006 18:58

5 October = notify chargeability
If the client is already within SA and already paying class 2 NIC he has already met the two requirements which are...

(a) Class 2 NIC - 3 months [notification for this within the deadline will cover item (b)].

(b) Income Tax - within 6 months of tax year end [5th October] - far more than just self-employment - eg. covers income not liable to Class 2 NIC such as property or investment income or a sum of several different incomes when added together causing a higher rate tax liability (eg. employment).

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