tax with two jobs

rainbowlover

Hi, I'm new to the site and not sure if this is the right place for this so bear with me. I left university last year and had absolutely no luck finding a job so I started doing some freelance writing work. I currently only earn around £400 a month from this work and it is on a self employed basis.

I have applied for a few full time jobs and I just wanted to know what my tax situation would be if I was working a full time employed job and continued doing the self employed job too as I have been told that the issue of tax ca be complicated in these situations. Any help would be greatly appreciated

fengirl_2

Its not really complicated.
When you start your employed job you can decide which is going to be your main source of income. You will be asked to sign a formP46 by your employer. You can choose to sign to say this is your only job or that this is not yur only job. If you sign to say this is your only job, then your tax free allowances will be given against your pay. If you sign to say this is not your only job, your pay will be taxed at basic rate and your tax free allowances will be set against your self employed income. You choose.
At the end of the year you self assess in the normal way and the tax due is payable in Jan and July following the end of the tax year in which your ac!!!!ing year ends.

Savvy_Sue

fengirl wrote: »

following the end of the tax year in which your ac!!!!ing year ends.

In case you are wondering, I think the word fengirl was trying to type here was accounting.

But her advice is spot-on, even if her fingers slipped on this occasion.

fengirl_2

Yes, thanks Sue, it was dark and late (well, it seemed late)!

rainbowlover

Thanks fengirl, that all sounds pretty simple. I had been led to believe it was much more complicated.

Savvy_Sue

fengirl wrote: »

Yes, thanks Sue, it was dark and late (well, it seemed late)!

:rotfl: Another one who keeps typing in the dark. :rotfl: