Employed pharmacist+ regular locum tax query.

capstain411

Sorry if same topic raised again. Any replies from fellow pharmacists in same position would be great.

I am working as a employed pharmacist and earn around £52k ( basic salary + performance bonus) before tax through my regular job. I am a FTB and want to buy a house early next year. I want to do some extra locum shift ( freelance ) as pharmacist at a supermarket. The money will be paid cash in hand.

I will be going through a accountant, but just for some first hand information I would like to know how much tax and NI I will have to pay. I would like to know what tax exemptions I can claim. I am expecting £26.50 per hour pay with locum shift and would be working 5 hours every week.

fengirl_2

Your accountant will guide you on record keeping, but basically, you include in your accounts all your outgoings in relation to this work - travel, white coats, phone, etc

capstain411

fengirl wrote: »

You include in your accounts all your outgoings in relation to this work - travel, white coats, phone, etc

Some of my colleagues ( not very helpful with tax advise, hence posted here) file their tax themselves. how difficult it is to do it yourself. Can you me more specific on allowance like travel 40p a mile, what will be the allowances on other expenses.

jiggy2

capstain411 wrote: »

Some of my colleagues ( not very helpful with tax advise, hence posted here) file their tax themselves. how difficult it is to do it yourself. Can you me more specific on allowance like travel 40p a mile, what will be the allowances on other expenses.

not very difficult to do yourself

how many hours do u think u will be doing over the year? presumably not to earn more than £4825 for the whole year (as the locum)

if so u can apply for a deferal from having to pay national insurance on your self employed earnings

http://www.hmrc.gov.uk/nic/deferment.htm

tax will be due at 40% as you are already above higher rate

capstain411

jiggy2 wrote: »

how many hours do u think u will be doing over the year? presumably not to earn more than £4825 for the whole year (as the locum)

Is £4825 a limit over which NI is charged. Is this amount considered after deduction of expenses ?

Deferral of payment of NI, it certainly means I will have to pay NI after a deferred period isn't it?