Employed and self employed?

[allieXayrshire]

hi everyone

just a little question about being employed and self employed. I currently go to college and also do work doing mobile beauty self employed but am looking for a part time job also maybe one day a week. does anyone know how this would work tax wise being both?xx

 

[hippy-chick]

its really not a problem.
when you come to do your tax return the tax you have already paid with your employed job(s) are deducted from your tax bill.

I used to work part time at a college, paid a high tax rate but didn't mind as knew it would be taken off my self-employment bill and sometimes actually received a rebate because the rate was so high.

Make sure you get your P60 at the end of April for the amount of tax paid to include on your tax form.

 

[allieXayrshire]

thanks for your quick reply.

how high is the tax rate likely to be if say i only worked one day at minimum wage? could do with some extra cash but needs to be worthwhile xxx

 

[nikinoodle]

Thats really good to know because I thought it would be a pain

xx

 

[kennedia]

its really not a problem.
when you come to do your tax return the tax you have already paid with your employed job(s) are deducted from your tax bill.

I used to work part time at a college, paid a high tax rate but didn't mind as knew it would be taken off my self-employment bill and sometimes actually received a rebate because the rate was so high.

Make sure you get your P60 at the end of April for the amount of tax paid to include on your tax form.

You would only get a rebate or reduction if you weren't earning enough to pay tax from your self employed, or, if you claimed your allowance incorrectly. You will pay the correct amount of tax from your employed job. It's just the same as if you have 2 (or more) employed jobs. The higher your wage, the higher your tax. The amounts sometimes look skewed due to your tax allowance. Depends on whether you claim your tax allowance from your self employment or your employed job. Also most people working self employed pay their tax a year in arrears which clouds the issue even more.

IR have free courses you can go on, but if you're concerned get a good, reasonable, local accountant. I know it's an extra cost, but it's a well known saying that a good account will save you more than the cost of their fees.