Being self employed and employed at the same time?

[***juice***]

Hi geeks

I currently work during the day in an office (employed) but would like to work as mobile during evenings and weekends. Obviously for this, I'll be self employed. I'm not expecting to earn a great deal as self-employed at all.

I understand about registering as self employed, and doing your own tax and NI but was wondering if the two are totally seperate entities when it comes to doing your tax return for the self employment?

I blimming hate maths and I can see myself getting tied up in knots if I'm having to do stuff about my employed income as well with my self employment stuff.

 

[High Hopes]

Hi !
As i remember on the self assesment form there are questions about this, ie do you earn any other income from employment . . . . or something along those lines.

Really your employer should be sorting out any tax etc from your employed job and then he self employed bit is seperate. Although im not sure if thats classed as a second job.
Sorry im not much help! But i think it all gets sorted on your self assesment form xx

 

[izzidoll]

It isn't that bad honest.
Because you have already paid tax on your job income all you need to put in the self assessment form on the employment page are some figures from your P60. so make sure you file your P60 away with all your other paperwork for when you are doing your tax return!!

 

[Sapphire nails]

it mught be because im lazy, but when i was employed and self employed in got an account and let him deal with it, it was expensive at all

x

 

[Marley's Ghost]

it's dead easy. On the self assessment tax return, there is a section for employed and self employed; fill out both, then they calculate the tax for you

 

[***juice***]

it's dead easy. On the self assessment tax return, there is a section for employed and self employed; fill out both, then they calculate the tax for you

And I take it on the employed bit, there's a bit for you to put your before tax and after tax earnings so that's already taken into account? Just to add a further fly in the ointment...I have pension contributions coming from my wages each month (which I believe aren't taxed), how do they fit in?

I might actually just pester one of the finance guys at work rather than you lot

 

[Natural Beauty]

It is quite easy (she says when shes been putting it off for months!!) There is a section on your self assessment form were you just fill in the details off your p60 you then put your earnings in the self emplyed section, send it and they sort the rest for you.

Its quite simple just daunting to start with

 

[bridget1802]

I am doing the same as you I work full time but have started doing nails and tanning part time
I have had some really good help from this forum but another good 1 to talk about tax issues and self assesments is the money saving expert forum they advised me I have 3 months to register as a business, so this is giving me plenty of time to get everything I need
I have started a simple excel spreadhseet, and for each month I will put on there my outgoings and my income as you only pay tax on the profit you make after outgoings, and just keep all your receipts and bank statements etc to back up

The info on your excel spreadsheet should be enough to enable you to fill out your tax return, because if you arent making loads you prob dont want to be paying out for an accountant just yet, I have also rang the tax office and they are dead helpful and the advice is free!
Sorry i have rambled on now, but I am just starting out myself so rather excited on the whole subject lol!!

Vicky x

 

[lancashirelass]

I am employed full time and am self employed part time, I find it easier doing the online assessment and as long as you have your P60 the details are all on the form you just transfer them onto the online assessment form and it caclulates the amount of what you have to pay if any.

 

[***juice***]

Thanks a lot geeks - I know how to go about it now! :green:

 

[Beautiful82]

Just another bit to add to everyome elses advice, if u ever have any queries just ring up the tax office and they are more than happy to help. when i did my first tax return i spoke to them and they said if i got really stuck i could go down to the office and they would help me. also they offer free tax courses. as im only a small business i didnt want the extra costs of paying out for accountants so i did the becoming self employed course. it was so helpful and told me all i needed to know. x

Thanks a lot geeks - I know how to go about it now! :green:

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