Self employed and employed tax?

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Sweetyrex

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I recently registerd for self assessment as have gone self employed which im now getting my head around!
But have now been offered a part time job that will top up my income.
How does it work as I thought you couldnt be self employed and have a tax code but the new employer told me they would show the tax on my wage slip.
When I said I was self employed they still said that I would be taxed on my wage slip.
I thought it would be up to me to declare my earnings on my self assessment.
Any advice would be good!!
 

ttaylor

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I am intrested in this also, but I think basically that at the end of the year when you do your tax return, what tax you will have already paid in you employed tax will be taken in to consideration prob best to have an accountant to sort it out. you may be taxed quite high though so I've been told.
 

*Zoe*

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Basically you will only be taxed on your employed job earnings through your job.

So when you do your tax return you will add your self employed profit to the money you earned in your employed job together and work out the tax on the total of both of them.

You then deduct the tax you have already paid in your job, which leave you with the tax you still have to pay.

You can't simply work out the tax to pay on your self employed earnings without your employed earning because it will take into account the tax free allowance and tax bands twice making the tax wrong.

So keep all your payslips etc for your accountant.

It's quite simple but I've probably made it sound complicated with my long winded explanation.

Hope that helps.

Zoe x

It's quite
 

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