I have a full time job I pay tax on, and stating up a self employed part time. tax?

probes1

Im full time employed paying normal tax and NI, but setting up a small wood carving business part time evenings and weekends, self employed. What, how and if.. I pay/declare tax on this income? Ive no idea. Many Thanks for help

PlutoinCapricorn

You will need to register with HMRC as a sole trader once you have got some orders/sales, not in advance on the offchance.

They will ask you to complete a tax return each year.

Assuming that you have used up your personal allowance in the FT PAYE job, you will pay 20% tax on your profit.

As you are paying Class 1 NI, you can apply for exemption from Class 2 provided that you do not expect to earn more than £5,595