Employed and self employed

manofthemoment

Sorry for being ignorant, I'm sure there must be a thread about this somewhere but i couldn't find the answer I needed.

I am currently employed as a temp, some weeks part time, other weeks full time depending on hours available. I am on PAYE. I have an interview for a full time permanent job later this week which I could really do with getting (desperately!) I have also just passed the test to be a researcher for AQA, which would mean working on a self employed basis. I know a lot of people on this site do work with AQA. How do you do your tax and NI when you are both employed and self employed?

If anyone could help I would be very grateful! :T

Debt_Free_Chick

manofthemoment wrote: »

How do you do your tax and NI when you are both employed and self employed?

Treat them both entirely separately. Keep books/records for your self employed job and complete the self employment pages on your tax return for that job. Remember to register for self employment and you will be sent a direct debit so you can pay your (self employed) NIC.

Generally, you can ignore your employed job, unless you need to claim additional deductions.

malcindebt

Debt_Free_Chick wrote: »

Treat them both entirely separately. Keep books/records for your self employed job and complete the self employment pages on your tax return for that job. Remember to register for self employment and you will be sent a direct debit so you can pay your (self employed) NIC.

Generally, you can ignore your employed job, unless you need to claim additional deductions.

When you complete the tax return, you must complete a self amployment page, AND an employment page. Your total annual tax will be calculated from you total annual earnings, both from employment and self employment.

Any tax you have then paid at source (via PAYE etc) is taken off the total annual tax figure, and this then leaves you with the balance to pay, or if you have paid too much at source, the repayment due.