Taking Second job as a hobby

bigstevex

I'm after some tax advice so I don't get stung in years to come basically!

I'm taking a second job as a hobby, it's not regular work, probably once a month maximum, but it is paid (as a contractor so the employer doesn't have any tax/NI liability i presume, although this doesn't bother me etc)! Most of what I earn will probably go on travel/fuel to/from the hobby/job!

What do I do with regards to tax on anything I do make and should I be paying extra NIC?

I'm already a higher rate tax payer in my day job...

BoGoF

It's not your employers decision as to whether your treated as employed or self-employed. In fact if he's your 'employer' surely the answer is obvious?

bigstevex

BoGoF wrote: »

It's not your employers decision as to whether your treated as employed or self-employed. In fact if he's your 'employer' surely the answer is obvious?

Maybe I didn't make it too clear lol, I'm not "employed" by them!

I basically agree to carry out 'contract' work so to say, they will be paying me a set fee for said work.

CLAPTON

if you are self employed then you will be taxed and NI'ed depending upon your PROFIT
your profit is your income minus your allowable expenses

give us a clue

what is your income likely to be?
what are your allowable expenses likely to be?

chrismac1

You should register for self-assessment based on your post. Keep good records, as per previous posts it would be good to know the nature of your trade and your estimated sales and profit - claiming mileage at 45 pence is probably going to be the best option for you unless you have a very pricey car. If you are a higher rate taxpayer, and register as self-employed, they will automtically bill you for extra NI but you can apply not to pay this on the basis of your employee contributions.