Making money in addition to job...

creeping_jesus

Hi, first I wasn't entirely sure if this belongs in this section of the forum, but here goes:

I just wanted some advice really, as I'm already employed but thinking about making extra money, I've got a couple of idea's, but I'm not really sure about the legality of it all... do I have to be registered as self employed? My partner is self-employed and has to pay his own tax/NI and fill a self assessment thingy, and I'm not sure if I'm going to make that much money from my ideas anyway. Plus I go to uni in september so I don't think I need to be worrying about my loans and grants affecting self employment & getting done for tax evasion!!!!

Also, say months the line (IF I don't have to be self employed) and when I given up my job and started uni, what happens in the new financial year with regards to how much I earn before paying tax?

Thanks in advance.

tomewer

I wouldn't worry about it until you make some money. Just be sure to keep good records.

soolin

Simonsmoney reported as spam, please click the spam button

creeping_jesus

So no-one has a clue then?

kt1inamillion

Hi

I know there are self-employed people that are not registered to pay N.I or tax because they don't earn enough. Other then that I am not sure but as already suggested keeping a record of what you earn andf the outgoing that are made for this would be a great idea.

jhp

As far as tax and nat insurance is concerned you need to register with HMRC if you start self employment whatever you earn .

Newly self-employed tax helpline: 0845 915 4515

or use online registration

http://www.hmrc.gov.uk/selfemployed/...-selfemp.htm#1

and keep good records of income and expenditure

creeping_jesus

Thanks, and what happens at the end of the financial year with regards to being at Uni and doing a self assessment for my earnings?

lawrie28

I don't think being at Uni makes a jot of difference to the tax you pay TBH. May be wrong though.

creeping_jesus

Ok so I wouldn't declare my income from loans/grants and bursaries? Just self-employed income?
Christ this is getting a bit complicated for me, I was never any good with math and stuff! I might just have to forget it...

clemmatis

creeping_jesus wrote: »

Ok so I wouldn't declare my income from loans/grants and bursaries? Just self-employed income?

I think it must be just the self-employed income. I also think you might get more replies if you posted on the student money saving part of the forum!

creeping_jesus

Thanks I might go do that now.