Small self employed income- tax??

LyndseyFHTFH

Hi,


I'm currently full time employed and have the opportunity to take on a small amount of work on the side on a self employed basis.


The total of the work would be about £3500 per year. This isn't enough to push me into higher rate tax or anything exciting like that, so am I right in thinking deductions would be at about 20% and I would need to do a self assessment? How much of a faff is that?


The company do offer to pay through my employer, but as I'm salaried and due to the economic climate I imagine they would look at it as income generation for the business rather than for me personally and I would never see any of it. Sounds shady, but that's just how it happens here, so if I do it, I have to do it privately.


I have always been in employment and paid tax and ni at source via PAYE, so this is all very new to me.


If it's likely to be majorly onerous I won't bother (I don't want to have to have an accountant or anything as it will probably make the work not worth my while).


Thanks folks

Savvy_Sue

It's reasonably straightforward to do self assessment, and you wouldn't need an accountant.

Is your employer happy for you to take on extra work in this way?