How much Tax do you have to pay on a self employed 2nd job

Viperuk80

Hi All

My name is Darren and I am currently taking a college course to get a recognised IT qualification and I want to freelance in PC repair and diagnostics in my spare time whilst working my normal 48 hr week I have standard tax code. Do i have to earn a certain amount of cash before paying or declaring any tax? I would like to do everything by the book and need to know where to start can anyone help?

Caz3121

you will need to register as self employed with HMTC within 3 months of working and then you will need to submit and annual tax self assessment. Certain business expenses will be deductable from your income so you will pay tax on the profit

HB58

You will already have used your tax-free personal allowance in your PAYE code, so there will be no further untaxed income.

Notmyrealname

Basically, work on paying 30% of net profit. Remember you are taxed on the profit after expenses, not your takings.