UTR number for a job for a few weeks!

Palpal

Hi all,

I start a full time job in a month (maybe 2). This is for a company who'll pay the tax etc (PAYE). However I've been able to get some more work inbetween but would need a UTR number. Is it worth it?

Few questions:
1) When I get this number I assume I save 20% of the pay and pay at end of year?

2) Will being "self employed" effect my new PAYE job (tax wise, etc) Or do I cancel being self employed before I start?

3) after saving my tax (UTR job) is there other costs? Is it time consuming to fill these forms out?

I'm just confused if it's worth applying for this UTR number when I have a job planned. Or if it will come back and effect me in any way.

Hope this makes sense, many thanks

Derwent

If it's under CIS then your customer should automatically deduct the 20% before they pay you, then they pay it over to HMRC.

Palpal

So in that case then I do nothing end of the year? I don't know if it is tbh

Nednats

Palpal wrote: »

Hi all,

I start a full time job in a month (maybe 2). This is for a company who'll pay the tax etc (PAYE). However I've been able to get some more work inbetween but would need a UTR number. Is it worth it?

Few questions:
1) When I get this number I assume I save 20% of the pay and pay at end of year?

2) Will being "self employed" effect my new PAYE job (tax wise, etc) Or do I cancel being self employed before I start?

3) after saving my tax (UTR job) is there other costs? Is it time consuming to fill these forms out?

I'm just confused if it's worth applying for this UTR number when I have a job planned. Or if it will come back and effect me in any way.

Hope this makes sense, many thanks

1) 20% on the profit once you've gone over your personal tax allowance.

2) HMRC may change your tax code on your PAYE they may not. You'll have to save your P60 / final wage slip for your self-assessment.

3) National Insurance. How much you plan on earning from your self-employment? If it's under £5,965 you will be exempt. If over you will have register for class 2. Remember to keep all recipes for expenses as you can off-set this against your tax.

I don't understand why companies ask for a UTR number as it doesn't actually prove that you are registered as self-employed