First Job after babies in school full time.

Bane123

sketchingkari wrote: »

I can't help with any of your other questions i'm afraid, but your Self Employment and your employment are treated seperately, so no you cannot deduct your loss from self employment from your wages for your normal job.

If not from income tax what about from benefit entitlement?

sammyjammy

Bane123 wrote: »

I am filling in this P46, but do not know which tax code, this will be my first job.

Enter 'X' in the appropriate box
Box A
Emergency code on a cumulative basis
Box B
Emergency code on a non-cumulative
Week 1/Month 1 basis
Box C
Code BR unless employee fails to
complete section one then code 0T
Week 1/Month 1 basis

That is the employers part.

sammyjammy

Bane123 wrote: »

If not from income tax what about from benefit entitlement?

No you can't. For UC you'll be assumed to be earning the minimum wage p/h declared at least in your self employed role.

sammyjammy

Bane123 wrote: »

Thank you very much for your help, but I still dont understand.

This year I will be under the allowance because only 3 months till April new tax yr.

But next yr I will be earning just over £9,440 assuming I stay there for all the next tax yr.

I am also trying to start a self employment business and I expect to make a loss in the first years trading which is normal isnt it? Not necessarily

So for income tax purposes will the loss bring me back under the £9,440 allowance? No as sketching says they are treated separately. It also tells you that in the link I gave you

Also for WTC or soon to be universal credit and other benefits like housing benefit, what do I declare? You declare the income and hours for both the employment and the self employment

Can I declare my profit for the year taking into account my expenses for my self employment? Of course. I think you need to read up on self assessment so that you have a basic understanding of how it works or you will end up in an unholy mess

Also I understand if I work less than 30hrs in my employment, but bring that upto over 30hrs from SE, is it ok to tell WTC over 30hrs total? yes, you'll have to declare both separately and they'll use the total number of hours from both

Thanks in advance. I would really appreciate some help here.

Answers above.

Bane123

sammyjammy wrote: »

No you can't. For UC you'll be assumed to be earning the minimum wage p/h declared at least in your self employed role.

But I understood this will be postponed a little while? Or will they not find huge numbers of businesses going under and the dole lines will be longer than ever?

Bane123

sammyjammy wrote: »

The answer above is partially incorrect. If its your partners claim to JSA and he will continue claiming there will not be aP45 issued, even if he signed off any P45 would be in his name.

The part about P46 is correct, make sure you ask about this when you start.

Your tax allowance is for you personally, there is no married persons allowance any more. Its currently £8,105 and from April £9,440 so if you're earning less than this you won't pay any tax once its sorted so anything you end up paying (if any) will be refunded in full.

If a wife is working but husband not then what can he claim income based jsa?

sammyjammy

If you are working more than 16 hours or earning more than £116 a week then your husband can't claim IB JSA, he can however sign on for his NI credit.