Going self employed advice when still employed

Dunx69

Im thinking of going self employed as well as working at my current job but Ihave a few questions.

My self employed income wil be quite low, ebay and the like but I know I have to register as self employed and do tax returns.

If I register as self employed will I have to pay MORE tax on my current job like if I had a second job? Or do I have to pay more tax on my self employed earnings?

The point abov is the main bit that worries me, becuase I wont earn much I dont want to be hammered with tax on my present role as I will be doing both.

Should I get an accountant or can someone reccomend some software thats easy to use

What sort of paperwork should I be keeping?

Hammyman

You do not pay more tax on your first job - this also applies if you have a second job as well as S/E. You would merely pay tax on all earnings as S/E if your main job exceeded your personal tax allowance. In short, if you earn £10,000 in your main job and £5000 in self employment or a second job, you would pay no more tax than if you had a single job paying £15000 a year.

You don't have to use an accountant and there are many spreadsheet templates you can use.

Paperwork? All receipts for things you pay out, a record of business mileage, a record of sales.

Dunx69

Thanks for the help there, I currently earn 16,000 in my present role, my earnings I would expect shouldnt get past 1000 a year on my self employed roles....


Im also about to register but it asks "What sort of self employed work do I do?

Im looking to a huge mixture of things including ebay, advertising, market stalls, mystery shopping and the likes so what should I state I actually do as a heading?

Gertie_Walker

If your s/e income is only £1000 a year, you dont need to register as self employed as you are not liable to class 2 NIC. You can declare the income at the end of the year and pay the tax through your PAYE code number. No point in getting into the dreaded self assessment system if you don't have to.

Dunx69

thanks gertie but I would rather register now as i dont expect it to stay below £1000 and dont want to incure fines registering late.

anyone know this?

"Im also about to register but it asks "What sort of self employed work do I do?

Im looking to a huge mixture of things including ebay, advertising, market stalls, mystery shopping and the likes so what should I state I actually do as a heading? "

Hammyman

Dunx69 wrote: »

thanks gertie but I would rather register now as i dont expect it to stay below £1000 and dont want to incure fines registering late.

anyone know this?

"Im also about to register but it asks "What sort of self employed work do I do?

Im looking to a huge mixture of things including ebay, advertising, market stalls, mystery shopping and the likes so what should I state I actually do as a heading? "

You should ideally have a different seperate business for each activity rather than having them under one but Ebay and Market Stalls can come under Trader, mystery shopping would need its own as would advertising.