self employed 2 jobs

oneeye1

i am registered self employed i work in the construction industry i am going to do another job to help suppliment my income ,that will be a taxi driver on a self employed basis do i need to do anything tax wise(apart from pay it)

cheers

Tax_guru

If you already complete tax returns and are paying Class 2 NIC then no, you shouldn’t need to inform HMRC of the new source of income. Just make sure that when you put it on your next tax return that you use separate self-employment pages for each trade.

xjessie007

I am not sure, but wouldn't you need to pay tax advances too? My friend is building houses as selfemployed and he is paying quarterly tax advances.

John_Pierpoint

The tax system will catch up when it gets the annual self assessment return.

Those in the construction industry are usually subject to a special scheme of tax deductions even when registered as self employed.

Taxi driving is not (yet?) subject to a withholding tax
http://www.hmrc.gov.uk/cis/

Nosht

oneeye1 wrote: »

i am registered self employed i work in the construction industry i am going to do another job to help suppliment my income ,that will be a taxi driver on a self employed basis do i need to do anything tax wise(apart from pay it)

cheers

I always advise against taxi driving as most of the earnings go towards the upkeep of the vehicle.
Yes it sounds good but when you look further at the costs such as extra insurance premium, fuel, wear & tear, boredom in between fares, long hours & upsetting shift patterns, extra paperwork & the effect that tiredness can have on your life then it is not that good really.

Regards,

N.

P.S. I forgot, dealing with the public, an art in itself.

John_Pierpoint

It depends where you live in the country and how "profitable" the fares are likely to be. Its as good way in some circumstances to get the tax man to chip in towards the upkeep of the family car.

It must be half a dozen years ago since I checked the Taxi (as against private hire) meter rates per mile for normal rides on normal days.
If I remember correctly it ranged from 4.80 in central London to 1.80 in some Northern Pennine town.

I've just tried an experiment on:

http://taxiroute.co.uk/

and got:

Taxi Fare: £5.34

Distance: 1.93 miles

Time: 4.95 minutes

Mind You its wrong.
1. You would never do the plotted journey in under 5 minutes, even with a flashing blue light, especially in the rush hour - more like a nail biting 15 minutes then.

2. The "sat nav" used does not know that buses and taxis are allowed to dodge the wrong way round a bit of one way traffic flow, so it has overcharged me by as much as half a mile.

Sound familiar?

Don't forget that a typical provincial hackney cab may well be trunning empty half the time; that is why the "rich" boys in central London don't want to go Saff of the River; profitability is shuttling about in the middle with very short or no empty legs.

It also helps if you have a profitable side line, while waiting in the Q.
I know of someone who marks GCSE papers for example.

Nosht wrote: »

I always advise against taxi driving as most of the earnings go towards the upkeep of the vehicle.
Yes it sounds good but when you look further at the costs such as extra insurance premium, fuel, wear & tear, boredom in between fares, long hours & upsetting shift patterns, extra paperwork & the effect that tiredness can have on your life then it is not that good really.

It might beat being laid off from working in a muddy hole in the ground because of flooding in November though