employed and self employed advice!

geministar2008

Hi

Can someone please give me some simple advice on how being self employed and employed at the same time works? I am employed for 16 hours but thinking of getting a second job on a self employed basis. Also how quickly do you need to register as self employed if accepted for work? How does the new situation effect benefits? I'm currently receiving council tax and housing benefit.

Thanks

InsideInsurance

You must inform HMRC as soon as you start trading and register for NI class 2 contributions (either to pay them or to claim exemption).

You will complete an annual self assessment tax return including your employed, self employed and benefits incomes plus what tax you've already paid as an employee and they will then advise you what additional tax you need to pay, or what your refund is.

Cant help you on benefits.

geministar2008

thanks

My self employment will be commission based. So i wont know what i'm earning if aything to start with. So will be hard to tell housing benefit as i wont know??!!