Self employed and employed!!! HELP

steph8008

I am currently self employed, I work 16 hours per week (and some overtime sometimes) I earn £104 per week but taking out expencese etc i earn approx £76 per week.
I have applied for a saturday job and got it YYYEEEEAAAAHHHH, I will be classed as employed I will earn £57 per week. how will this affect me being both self employed and employed????

I'm a single mom so I do get help with tax credit etc, I dont know if I have to tell anyone or if i do who do I tell. Will I be taxed etc please help as I really really really need the money but I want to make sure that Iwont be loosing half of it to the tax and NIC man!!!

Thanx

Pennywise

Your total employment and s/e income will just about be at the tax free personal allowance, so there will be no, if any, income tax, but you do need to contact your employers' tax office to get them to issue the right PAYE coding notice - you'll probably get tax deducted at basic rate for the first few weeks until they do this, so best to do it asap.

There'll be no NICs as it's worked out on a "per employment" basis, and isn't cumulative or added, so as each source of income is below the NIC threshold, then there'll be no NICs deducted/due from either source - you do need to claim exception from NIC for s/e though - I presume you have claimed this when you registered s/e with HMRC.

As for benefits, you'd be best to check on the www.entitledto.co.uk website where you can enter your circumstances and it will tell you your entitlements which you can compare with what you get now. It's impossible to say without knowing your circumstances, but I think your earnings from both will still be relatively low, so that you won't lose much, if any, of your entitlements, but you'd be best to check.

I think your real problems will start if you increase your earnings anymore - with tax and NIC and the reduction of tax credits and other benefits, it's quite common for you to be only 25% or so better off because you can easily lose 75% of extra earnings by the payment of tax and NIC and reduction in benefits entitlements. At the moment, your total earnings are still low enough so that you aren't really falling into this trap.

steph8008

your an :A thanx