Quick Self Assesment question

EssexGirl

I work part time and pay tax and NI in that job. I signed up to do mystery shopping last year and they told me I had to register as self employed, which I did. But I found it was a lot of hard work for not much reward and I only did 6 jobs and didn't actually earn anything from it once costs like petrol had been considered.

Anyway as I'm already paying tax on my normal job wages do I have to put my normal job on the SA form as they would already know I'm working?

p-pincher

Yes you need to complete an employment page for each employment you held, the self assesment system and PAYE system are separate and you need to complete the tax return with all of your employment income whether its self employed or earned in an employment. hth.

chrismac1

If you made a taxable loss on your self-employment, and it sounds like you might have done, the system will automatically calculate this and repay some of the tax you've paid in employment. Check the rules on what expenses you can claim and ensure you claim all of them.

tope_2

hellllllllllllLP
Ive just signed up to do mystery shopping and was not aware that i had to register as self employed. I since then registerd and now realised i have to fill in NI class 2 contibution which works out as £2.20 a week in a month a probably do about 2 mystery shopping visit so why should i be paing £2.20 every week and does anybody know what is the next step once you have registerd as being self employed..................am beginning to think i shouldnt have even bothereed registering to do mystery shopping ...............can anyone help me pleaaaaaaaaaaaaaaassssssseeeeeeeeeeeee

Murdina

Depending on how much you expect to earn you may be able to claim the small earnings exception from class 2 NI - complete form CF10 which you can find on HMRC website with guidance notes.

The current threshold is £5,075 and remember that is profit ie income after expenses.

Do make sure you understand the possible impact of not paying on entitlement to state benefits.

Otherwise just make sure you are keeping proper records of your income and expenses and that you keep all information relating to ALL of your income (any other earnings, bank interest and so on) so that at the end of the tax year you are ready to complete your self assessment return.