Some tax questions

hokum_2

I have a full time job through which I pay the usual income tax and NI contributions, but since April or so last year I also earn extra money writing articles and doing other freelance jobs.

Now, I know I have to pay tax on this and it was my understanding that tax would be payable this year. I've been saving 28% of every payment in anticipation of this. Do I simply use the self-assessment form, or would it be a better idea to get an accountant?

Also, I'm shortly going to be working part-time while I go back into full-time education. Does this change anything?

Related to this, I will be sub-letting my spare room to help cover costs. Is this money also taxable?

Pumpkinface_2

You can rent out a room in your ownly or main home to the tune of £4,250 without paying tax, you pay tax on anything above that. This is a handy article.

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_4017804

Going to work part-time whilst in full time education won't effect anything as such, your personal allowance remains the same and you pay tax on anything you earn above that (other than the rental income mentioned above of course). Working part time and being a student is not relevant to the tax computations.

pjcox2005

To add to pumpkinface's comments, I just complete a self-assessement return rather than requiring an accountant on the assumption we are talking casual extra earnings rather than a significant amount.

Just be sure to keep track of any income received and the relevant expenses incurred in each tax year and then declare it.

The tax payable will be based on income tax rates rather than the corporation tax rate of 28% so if you are a high rate taxpayer you may want to check whether or not you are putting enough money aside for the tax bill.