Employment and Self Employment impact

Ashabumbleb

Hello, I am looking for a touch of advice about what's involved in registering as self employed andwhether or not it'll have an effect on the I pay in employment.
At the moment I work full-time and have a part-time casual contract with another firm for weekend work. I'm also about to move out and take another job behnd a bar to help me cover my rent.

At the same time I am trying to start up my own mini busness, being obsessed with weddings I vant to offer floristry, balloon displays, table displays etc. I'm sure I need to keep everything above board, and although I wont be making a huge sum of money as it's more of a hobby than a money-making business I'm concerned about what effects that'll have on my earnings.

i.e. will I pay 22% on everything I earn on my main job as well as on my other two, and what happens with VAT and things where do I pay and where do I claim back?

Does anybody know the answer to this? I've looked on business link, HMRC and direct.gov, but I can't find a difinitive piece of information about how things would be managed.

Many thanks

fengirl_2

You will need to register as self employed with HMRC and they will arrange for you to pay class 2 NIC's by monthly DD. At the end of each year you will complete a self assessment and pay your tax direct to HMRC on 31 Jan and 31 July following the year in which the profits are made. The basic rate of tax is 20% not 22%. Your main employer will not be told about your business unless you tell them - all tax affiars are private. You can only reclaim VAT on purchases if you register for VAT, but then you will have to charge VAT to customers, so you may want to postpone this until you actually have to register. if you make a loss, this can be relieved against your PAYE income.
Make sure you keep bomb proof records of your income and expenditure and keep your beeok keeping up to date.