Help with being employed and self-employed at the same time?

natmour

I don't know if this is in the right place but please move if not.


Hi there,
I'm a little stuck on where to go for help on this one, so im hoping someone
here may share same situation, or can point me in the right direction.
I want to run a little online business in my free time from home, I will have no
one working for me, just myself, but at the same time I will continue with my normal
day to day job. I know I need to register myself as a sole trader / self employed, but
what i do about tax and nat insurance? Currentley my job is PAYE if that helps?
I intend to make about £100-£200 a month from my online business.

many thanks.

borders_dude

natmour wrote: »

I intend to make about £100-£200 a month from my online business.

many thanks.

You intend to have a turnover of £100-£200 or a monthly profit of £100-£200 per month?

natmour

It would be £100-200 turnover...
Thanks for the quick reply!

LittleVoice

The income tax and NI would be dependent on the profit you make.

Having registered as self-employed with HMRC they won't forget to get in touch about your paying tax at the end of the year or NI contributions through the year unless (just re NI) you have a small earnings exemption which I imagine could apply,

fengirl_2

Class 2 NIC's will be paid by DD. Your tax will be payable on 31 Jan and 31 July following the year of assessment. So, if you started today, your first accounts would be made up to 30 Sept 2010 and the tax payable on 31 Jan 2011 and 31 July 2011.

natmour

Do I need to let someone know(and who) that I'm employed and self-employed?

LittleVoice

Unless your PAYE employer requires you to let them know of outside work, there is no need for you to tell them.

The tax people will know when you complete your tax return as it will include your record of your PAYE earnings.

Are you advising your house insurance company that you are using your home for self-employment?