2nd job tax??

scottm426

Hi there,

I currently work a full time permanent job earning £12800 p/a. I recently started a 2nd job which involves Data Scouting at football games. Problem is I've been there 3 months and still don't know how to go about paying tax on it. I am paid into a pay pal style account, I am self employed, I am paid in Euros as the company is based abroad. I'm not even sure if they are based in the UK. I am roughly earning around 600 Euros a month. Any help would be greatly apreciated.

Thanks
S

Stabilo_Boss

scottm426 wrote: »

Hi there,

I currently work a full time permanent job earning £12800 p/a. I recently started a 2nd job which involves Data Scouting at football games. Problem is I've been there 3 months and still don't know how to go about paying tax on it. I am paid into a pay pal style account, I am self employed, I am paid in Euros as the company is based abroad. I'm not even sure if they are based in the UK. I am roughly earning around 600 Euros a month. Any help would be greatly apreciated.

Thanks
S

I am not a tax adviser of course and strictly speaking you should probably speak to one. However I think if you are to do this properly (which of course you should) you should contact HMRC and tell them you have a 2nd job. They will send you a tax return and you will need to declare your income on there. You should keep records of what you are being paid and any costs you incur doing the job. At the end of the year you will complete your tax return and will probably (based on what you are earning) have to pay some tax for the year. If I were you I would put some money away each month (maybe 20-22%) of what you earn from the 2nd job) and then a tax bill at the end of the year wont be a shock.

My wife has a 2nd job and this is how she works

McKneff

Check aslo if you should be paying NI on this too. You are about at the level at which you should.

iancrt

You should apply for Class 2 NIC exemption certificate as well, as you have a PAYE job this should not be payable. CLASS 4 may be but this is calculated with your tax.
I would agree with keeping 22% back, maybe a little more in year 1. Then in year 2 setup a DD to pay 1/12th of the year 1 tax bill each month.

scottm426

Thanks for the reply guys. Would they not hound me for the three months I have missed or would there be a way round this, monthly Instal along with the other months tax. I know it wouldn't be a lot of tax so far but HMRC can often surprise you as I have heard in the past?

Cheers
S

iancrt

your tax for 2013-2014 is not due until January 2015.
So you don't yet owe any tax. Once registered as self employed (actually you just register for Self Assessment) you will get a letter in April to complete the tax return. If you do this online you have until 30th January 2015, but if your accounts are pretty simple it better to get it sorted early.
Once you submit they will calculate it on screen so you know what you will have to pay by January. There should be no surprises if you keep good accounts.
You will be given the option to pay on on your PAYE but I always avoid that to keep my main jobs and other income separate.

CLAPTON

you need to contact HMRC and register as self employed

you will need to pay Class 2 NI by DD (2.70 per weekly rate) if you earn the equivalent more than 5725 (if below you can apply for small earnings exemption)

after April 2014 you will need to fill in self assessment (you can register and do it online)

you will pay 20% on all your profits and 9% class4 NI on any amount over 7755

you need to pay before end of Jan 2015