Advice on private work

babyfishmouth

Hi guys,
This is an issue I seem to get different answers on when I ask others, and wondered if anyone knows the real answer...

I am currently employed fulltime, but I am now finding myself doing private work in my own time with the aim of one day going self employed.
Anyway, currently my 'private clients' always want me to issue them with a type of invoice which I construct from home, but now question is with regards to TAX. How much do I have to be earning on my private work before I have to think about declearing this etxra work to the TAX man?? I obviously pay TAX on my current full time job, but I now feel I am getting deeper in to something I should be addressing?
Any ideas appreciated.
With Thanks.

febes

The extra income is added to your full-time earnings, so if you are paying tax on your employed earnings then your self-employed earnings will be taxed at the same rate providing you stay in the same tax band iyswim.

This is how I believe it to be anyway, have you looked on flyingstartups for advice?I have gone there with regards to starting up and there are some very knowledgeable people there. Also check out your local business link as they may be able to advise further, or HMRC.

babyfishmouth

Thanks Febes.
Tbh I find HMRC a really hard site to answer my question. This is all new to me and I'm getting told different answers all the time. I will look at the sites you mentioned. Thanks : )

febes

Find a contact number on the HMRC website. I have found that they are very helpful on the telephone, and are more than happy to give you the correct number if you have dialled the wrong one.

I know what you mean about the site. But there is a contact number which will even slightly resemble your enquiry on there somewhere.