Paying PAYE but self employed for 2nd job
I am employed full time & on PAYE, earning around 39K. However, am about to take up extra work on a self employed basis - what are the tax implications?
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37Ruthless Investor postedHello OP,
You may have been able to get advise from other sources as I can see that you posted your question on 2 December and you did not get a reply from anyone.
When you become self-employed, you will need to register with HMRC for self-employment and then at the end of the tax year you will need to fill out a self-employment tax return, which will include sections for both self-employment and employed status. You will need to declare your PAYE earnings and tax as well as self-employment earning on this tax return. Either you can determine your (if you know how to) final tax payable/receivable liability yourself or you can let the HMRC do it for you when you submit your tax return.
Regards
Farrukh Jamil
Posted on 30 January 2013 |
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