Tax on extra income - help !!!!!!1

GARY12_2

Please could someone advise me on how/what to do !!!
I currently work full time for which i pay my income tax and national insurance. I have been given the opportunity to earn approx £200 a weekend doing some building work which will be basically be cash in hand but being stupid I want to declare it. Do I declare it and the end of the tax year and how or each month as I earn it and again how. Someone has told me I need to register as self employed but im already employed??? Very confused please help????

McKneff

:Tgood on you gary, not stupid just honest

Respect Man:T

Caroline73_2

You can be both employed and self employed at the same time so that's no problem.

Basically just phone the HRMC and register as self employed. At the end of the tax year you will get aself assessment pack. You have one section where you fill in the employment section and use the data from your P60. Then you fill out your self employed part. Income - expenses = profit or loss.

It's not as complicated as it sounds. You'll need to put aside money for your tax bill, you may be able to opt out of NI contributions on your self employment if you aren't earning enough.

LittleVoice

You do need to register as self-employed - and it is quite common to be both an employee and to have income from self-employment.

You need to register as self-employed within 3 months of starting such work - and so I would do so as soon as you have your first pay so that it is not overlooked. Here's a link to get you started http://www.hmrc.gov.uk/selfemployed/iwtregister-as-self-employed.htm

Keep simple records about what you earn and what expenses you have (like the cost of getting to the place you work) and you will then be completing a tax return at the end of the year - HMRC will send you the form and provide help if you need it to complete the forms (or you can do it online).

McKneff

Gary, keep all receipts, petrol, mobile phone bills, (not sure about this but you can try) ' working clothes, any expense towards your working on a weekend then keep all your records safe. Dont work too hard though, you have to have some fun time, you know what they say about Jack being a dull boy!!!!