UK Tax question

Hello BHW'ers

I think i may have put my self in a pickle. I am from the UK and I am going traveling for a good couple of years now. I've been a student ever since last september. Every summer for 2-3 months I work as a self employed stage builder. My boss has always told me never to bother with my tax as I was a student. As I"m no longer a student and relise that it was stupid not to have done previously. However this summer I've earned about 9000 from the stages plus more with IM, so I'm going to have to register as self employed and pay tax. I've kept the majority of my recepts and should be able to make my expenses go under the tax bracket. petrol, tools etc

The problem is this only just occurred to me now and I fly to KUL this Friday. Have I left it to late?
Also if I leave money on my ad-sense,CB etc will I have to account for that if I dont cash it out?
How does an IMer go about paying taxes if there on the move?


Thanks

Im not a tax lawyer or an accountant so dont take this as gospel.

but isnt there something about not paying tax if you only spend a certain ammount of time in the uk?

Best thing would be to speak to an accountant ASAP. You could always leave your receipts etc with the accountant and then if they need any more details contact you via email?

You may run your business upto three months without being registered as self-employed.
Have you already applied for your National Insurance number?

Definitely I would speak to accountant - you can have initial meeting for very small fee, and they will tell you best direction to go.

If you are planning to be away from UK for some years it's worth changing your nationality to Macedonian and then register a company there, and then you can leave the country and go on your little travel. Why? Because IT company are excemp from tax in the starting period, which is 10 years!!!

Now this is maybe only worth it if you are planning to make some serious cash.

You don't have a problem. Just find a local accountant, tell him your story and he/she will handle the rest...for a fee.

Yes meet an accountant to get this solved. Taxes can be a tricky thing.

RedClover

I think you have to out of the country for 9m of the year to avoid UK taxation. Any more than around 90 days means you're probably resident.

Ltd companies are always a good choice if you can find a modestly cheap accountant for simple work. If you do your own book-keeping it shouldn't cost too much.

Having a ltd company means that 'it' is earning the money, and in the UK, you'll only pay 20% corporation tax (and that's counted as a tax credit towards any dividends you take out.) The money can be 'left' there until you want to take it. So if you do well, you can stage the income over years.

As said above, an accountant is the best place to start.

Hire a CPA to help you fix this mess. Taxes are very hard to understand sometimes especially dealing
internationally and hiring someone qualified should do the trick!