Being self employed for a short time and working?

skysky69

I have been a weight watchers leader for the past 8 weeks alongside my normal job which is employed by a company. It is not working out and so I have decided to call it a day. My question is, how do I pay tax on the 8 weeks pay that I have earned being self employed - do I have to declare myself self employed somewhere even though I am not going to be doing it anymore?

jen_br

Are you registered as Self Employed with HRMC?
Have you been paying your NI contributions?

How much did you make?

fengirl_2

I assume you have not registered !!! elf employed. In that case, you will simply need to inform HMRC that you need to self assess this tax year. They will send you a self assessment in April next year and you will show your income and expenses on this form. the tax will be payable by 31 Jan 2011.
If you have registered as self employed, you need to inform HMRC that you have now ceased so they can stop collecting your class 2 NIC's - I imagine you will be under the small earnings exemption. Same thing will happen with self assessment - it will be issued in April next year. Make sure you put date of cessation on the self employment pages.

skysky69

Thanks for the replies, I haven't declared myself as self employed yet, so I will call them tomorrow. I have earnt £440.00 over the past 2 months from it. I have saved 20% of my earnings into a savings account to account for the tax but admit I haven't done anything about NI. I only earn £70.00 per week from my other job as I only work 10 hours a week.

fengirl_2

Please dont register as self employed now that you have stopped. On the info you have given, you are not liable to tax or NI at all this year, so you don't even need to self assess of inform HMRC about this at all.