PAYE and about to go SE aswell (hopefully!)

downhillfast

Hi All

I have a fulltime job that is PAYE and I am now in th process of applying for some internet work at home that will be Freelance (fingers crossed I get it!).
I have also got into Internet Marketing (yet to make any money from any websites but it's only a matter of time now!) Once the websites do start puuling in some money they will have to be declared... however could I declare them as part of my "Freelance Activites" now and therefore claim back hosting fees, seo services etc as business costs against my tax from my other streams of income?

TIA

ncthomas1

You need to register as Self Employed with HMRC in order to receive a tax return and UTR (Unique Tax reference) so I would do that asap.
http://www.hmrc.gov.uk/selfemployed/iwtregister-as-self-employed.htm

DoubleTop_2

Same situation as me, PAYE employed + self employed. Are you in a partnership, married or other?

My personal situation is frustrating, my self employed takes me to a higher tax rate on the earnings I make self employed, yet my wife part-time pays very little as earns just over the tax-code. It depends on your projected income streams. You may also benefit from an umbrella company?

DT.

latinaid

You are supposed to account for them as two separate businesses, if they are different.

However, if you describe the internet business as a separate company, you can claim expenses for it, even if you are just setting it up and there is no income yet. That business would therefore make a loss in the first tax year, which I THINK can be offset against the profit from your other self-employed business. (If I'm wrong on that point, you would be able to carry the loss over and deduct it from any profit in the following year.)