Employed, self employed and tax

[mic]

Hi

So I'm employed full time. If I start doing something self employed, how would that affect my tax?
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zzr600

[Itchy]

It doesn't.

You simply complete your tax return and pay what is due (+ self employed NIC I don't know how much it is these days). The year after they might think about altering your tax code for your wage slave job so they collect what they THINK might be due based on last year's results.

But you can reverse this with a phone call because they are collecting before it is due and therefore have no rights to do so no matter what they say.
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Spain 2008France 2007Big one 2009 We all die. The goal isn't to live forever, the goal is to create something that will. In the end, your life will flash before your eyes. Make sure it is worth watching.

[nowhere.elysium]

Holy fuck, where have you been hiding, Itchy?

Good to see you're still knocking about, mate.
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'10 SV650SF, '83 GS650GT (it lives!), Questionable DIY dash project, 3D Printer project, Lasercutter project

[syl]

You have to fill in a tax return. You also have to pay class 2/4 National insurance contributions - you might be eligible for exemptions. You may also be able to defer if you pay lots of class 1 contributions through your employment.

You have to tell HMRC when you start or you can get a fine.

Read these two:

https://www.hmrc.gov.uk/startingup/
https://www.hmrc.gov.uk/working/intro/employed-selfemployed.htm
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Current bike: Kawasaki Z750S

[gorillaonabik...]

[Itchy]

[Robster]

Useful this thread is Useful