Self employed and a new job too.

gypsy75

Hi all, Sorry if I should have popped this on a different board, couldn't decide which would be best.

I became self employed last year and I have just been offered a part time position in a local shop. I was just wondering when I start my new job at the end of the month whether there is anything extra I have to do/forms to fill in as I am already self employed.

Not sure if this is making much sense but here goes:rotfl:

Last April and May I was employed, I left that employment and became part time self employed (I am nowhere near the personal allowance amount yet) and I intend to stay self employed aswell as doing this new part time job. When I start do I just give the p45 from my previous employment or do I need to fill in some sort of form for self employed people returning to 'employed' work.

Blimey I hope someone understands my gibberish:rotfl:
Thanks!

fengirl_2

You can decide. If you give your old P45 to your new employer, all your tax free allowances will be allocated to your job and so you will pay basic rate tax on any profit you make. Alternatively, you can ask your new employer for a form P46 which you sign to say this is not your only job and tax will be deducted from your pay at basic rate. Either way, you will pay the correct amount of tax under self assessment.
Personally, I would have my personal allowances against my pay as it eases the cash flow and its always better to owe HMRC at the end of the year, rather than the other way round

markelock

it will also just mean an extra page on your tax return (online) so you can offset any costs for your self employment separately.

gypsy75

Ahh! Thanks so much for that both!
I was starting to stress myself out thinking about it
Sounds simple enough, thanks again!