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Self-Employed Tax Threshold?

Hi guys,

I've come to post on here because I just can't find a straight answer to my particular question.
I know tax isn't a straight forward thing but here it is:

I have a full-time job. I pay tax and NI through that full-time job. No problem.
I have recently picked up a weekly leaflet delivery job for a bit of extra income.
I get, on average, £40 a week which I've worked out to be about £2000 a year give or take any weeks that I don't do the delivery.

Would that need to be declared and taxed?

I've seen bits and pieces about casual income and tax thresholds and small businesses and I can't seem to work out what my particular second job comes under.

Thanks in advance,
Steve

Comments

  • Darksparkle
    Darksparkle Posts: 5,465 Forumite
    If self employed you should register for self assessment.

    If you have already used your personal allowance in your employment then you will be taxed on your self employed income at the appropriate rate. You don't get a separate allowance for self employment.

    There are plans to bring in a £1000 allowance from April 2017.

    NI is treated differently. You only pay NI on your self employed income if your self employed income is over £5965 (class 2 NIC) and £8060 (class 4 NIC)
  • ACG
    ACG Posts: 24,216 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    In short yes.
    You register for self employed, you can do a self assessment on the HMR website (avoids accountancy fees). Assuming your full time job is about £11k (whatever the tax threshold is this year) or more then you will have tax to pay.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Fantastic. Thanks very much guys =]
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