N.I Stamp

[serendipity2]

Hi, Ive just started my own photography business alongside my part time job. Can anyone tell me if I need N.I Stamp as I pay it through my part time job...or is it done on earnings. I don't want to suddenly find out I owe loads.
Thank you in advance
Angie

[johne1892]

Hi Angie, I am a director of one company (where I am classed as an employee) and I also have my own self-employed business.

For my self employed business as long as you are registered as self employed with HMRC they will send you a NI demand every quarter (about £38) which covers the NI for your photography business.

Make sure you register with HRMC and they will give you a Unique Taxpayer Reference number (UTR) which you use for any payments etc...

And good luck with your new job!

[jedimistress]

Hi, you can apply for exemption from your stamp aka "Class 2 National Insurance Contributions" if your annual earnings are less than around £5,000 (sorry - havent got exact ammount). So you will not have to pay any unless your profit rises above that.

You will also need ot pay Class 4 NI which is 8% of all profits after around the £5k mark. This will be established once you have done tour tax return, and will be collected with your tax payments.