Self Employment & Getting Another Job?

Kilty_2

Hello,

I've recently registered as self employed but have found the chance of a 12 week job over Christmas working in a retail store. (Business is slow and the extra money would be welcome)

Where would I stand with HMRC if I took the job but continued working self employed?

Would I need to tell them I was doing so and would my self assessment get any more complicated?

helen_vasey

it is perfectly ok to do both, as long as you tell hmrc, on our registration forms it asked if we were employed elsewhere.(we are). as for tax returns, I haven't had the pleasure of filling them in yet!

Tallymanjohn

No reason why you cannot do both - you don't have to advise taxman until the end of the tax year when you just fill in your SA form giving the employers details & the gross/nett amount you earned. If you can afford it I'd recommend getting the employer to tax you at basic rate so you don't get stung having to pay it back in a lump sum at the end of the year.

If the total turnover of your business is less than 15k then it's just a short 4 page tax return, over this & it's a full tax return, but most of it is irrelevant. If you have more than one employer over the year, and fill out the full tax return, you need to ask for additional pages - one for each employer.

Kilty_2

So I'd need to include it on my self asessment form even though it's completely unrelated to my business ?

Savvy_Sue

Kilty wrote:

So I'd need to include it on my self asessment form even though it's completely unrelated to my business ?

Yes, because ALL your income FROM ALL SOURCES needs to go on your self-assessment form.

If you don't have a 'current' P45 (issued within the current tax year) then your employer should give you a P46. If you fill that in to say that the job is your only or main job (which if business is slow sounds a fair thing to do) then you will be given your personal allowance before you have any tax deducted. If you say it's NOT your only or main job then you'll have a lot more tax deducted, which you may get back later, but why not have the benefit of it now?

But it isn't a problem being both SE and employed.

Kilty_2

Thank you.

Will be picking up an application form tomorrow, here's hoping

And no, I don't have a P45, never been employed before