Completing self assessment??

Lea74

This is probably a stupid question, so please indulge me.

I have a part time and also do some work on a self employed basis. When I complete my self assessment do I put both incomes on this form or just the income from the self employed work?

I pay PAYE and NI on my part time job and use up my personal allowance on this job.

Thanks,

pjclar02

Hello there

Yes - you have to declare both sources of income on your self-assessment tax return. There are separate supplementary pages - one for employment income and one for self-employment income.

Lea74

Okay another silly question. I obviously put the fiqure from my P60 on the employment income page and then the income from the self employment on the other page.

Do you have any idea why that is? I thought the incomes were dealt with seperately.

Lea74

Okay another question and I know I should probably be a bit more accurate here, however I have estimated that it costs me about GBP100 per month to do my self employment work.

I use the internet alot for this job and also have a dedicated room. It is a spare room that has my computer, filing cupboard and even a swivelly chair :- ). The room really doesnt get used for anything else other my self employment work.

Does this figure seem fair and resonable? I did work out my annual household expenses, then divide by each room and percentage of time spent in the room/office working. (numbers is not my thing but I am trying)

bartnwood

Lea74 wrote: »

Okay another silly question. I obviously put the fiqure from my P60 on the employment income page and then the income from the self employment on the other page.

Do you have any idea why that is? I thought the incomes were dealt with seperately.

Hello Lea74,

Yes you are correct and they are dealt with separately which is why you are entering the figures on separate pages.

If there are any trading losses with regards to your self employment then these can be carried forward to offset against future profits from your self employment. Trading losses cannot be offset against your employment income for example to try and reduce the tax liability from that side.

This will all get worked out though when you calculate your overall tax position prior to submitting your self assessment tax return.

John_Pierpoint

Do it on-line, you get longer to get your figures in, you can play "what if" games for weeks until you get it right; correcting the errors as you go along. [Do a skeleton from start to finish first and submit it for (lots of) error correction to prove the system is working for you]. Finally you submit your masterpiece and get a an immediate calculation.
No more wondering if the "postman" has lost the paperwork.

[Beware - the statement that HMRC never send emails is not true - if you really get the initial attempt to register to use the on-line system rejected you could be sent an email]

bartnwood

Lea74 wrote: »

Okay another question and I know I should probably be a bit more accurate here, however I have estimated that it costs me about GBP100 per month to do my self employment work.

I use the internet alot for this job and also have a dedicated room. It is a spare room that has my computer, filing cupboard and even a swivelly chair :- ). The room really doesnt get used for anything else other my self employment work.

Does this figure seem fair and resonable? I did work out my annual household expenses, then divide by each room and percentage of time spent in the room/office working. (numbers is not my thing but I am trying)

Yes that is the correct way to work out your expense claim for 'use of home as office' which you can apply to your heating and lighting costs and obviously internet/telephone bills can also be claimed as a business expense as long as you only claim the business element of the bill.

booler

I am self employed and I work from home. My house has four apartments one of which is used as an office. This allows me to claim 25% of the cost of heating lighting and power.

I am not sure if you can claim this full amount if you are working elsewhere part time.

Lea74

Thanks Booler, I have porportioned the expense based onthe average hours I work for my self employment.

Lea74

Thanks John, I will probably need to alot of attempts. Will be in touch in Jan 2013 - lol!!

lovinituk

Lea74 wrote: »

Okay another silly question. I obviously put the fiqure from my P60 on the employment income page and then the income from the self employment on the other page.

Do you have any idea why that is? I thought the incomes were dealt with seperately.

They are not dealt with separately in terms of income tax. If you use your personal allowance up on your employed income you will be liable for income tax at the relevant rate on all of your self employed profits.