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Just4contractors.com > Help & Advice > HMRC Compliance
Do I really need to consider the HMRC?

For self employed (sole traders, partnerships, and LLPs):

Income tax will be applied on the profits and gains of the business which is remitted twice a year.

Class 2 NIC is a flat rate paid for every week, including holiday periods regardless of how much you earn.  You can apply for Small Earnings Exception (SEE) to be exempt from Class 2 NIC liability provided that your net profit is expected to be less than the SEE limit.  You must complete application form CF10 which is available at the HMRC website.

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See Also

Taxation of Limited Companies

Taxation of Sole Traders

Self Assessment

VAT



Recommedned Links

VAT - <http://www.hmrc.gov.uk/vat/index.htm>

Corporation Tax - <http://www.hmrc.gov.uk/ctsa/what.htm>

Rates and Allowances - Corporation Tax - <http://www.hmrc.gov.uk/rates/corp.htm>

Rates and Allowances - NIC - <http://www.hmrc.gov.uk/rates/nic.htm>

Class 1 NIC - <http://www.hmrc.gov.uk/nic/class1.htm>

CF10 Form for Class 2 NIC - <http://www.hmrc.gov.uk/selfemployed/fagcf10.shtml>