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Tuesday 28th February saw Jay Thacker return to the EAVA FM studios.

Added: Friday 9th March 2012 10:32:33 AM

Tuesday 28th February saw Jay Thacker return to the EAVA FM studios.

Jay as been in the country for 42 years and as saw many changes such as mini skirts have now gone to maxi skirts, Jay says that there is no fashion now people seem to wear what they like.

The revenue name has changed, it used to be Inland Revenue and now its HM Revenue and Customs and it's a bigger department now.

Being self employed in the current climate is a good thing to do as there are many advantages of being self employed. You have 3 months to decide whether you want to continue in your self employment until you have to tell HM Revenue and Customs.

You need to keep a record of how much you earn, so that adjustments can be made to your code number. You might not have to pay tax if you're earning a small amount but HM revenue should still be told about it.

When registered self employed people have to pay class 2 contributions of which will cost £2.50 per week and this counts for your state pensions.

If you're not good at keeping records get an accountant or a book keeper and keep all records for 6 years, such as your expenses and turnover.

Everyone will be starting to get the new tax return forms in April 2012 and everyone must complete the paper one by 31st October and online must be completed by 31st January 2013, if you miss these deadlines then you will get a penalty.

If you're doing voluntary work then you don't need to declare it as long as you're not being paid for it.

If you need to buy big machines for your work these will all come under Capital Allowance which you will get paid 20% of the item each year, until all of it is claimed for. You must earn over £7,200 a year before you get taxed and it will be going up to £8,000 in the next year, if you earn over this you will be taxed 20% of what you earn.

For more information you can visit www.hmrc.gov.uk.

Written by Annika Woodward & Uploaded by VZONE Multimedia