Being Full Time Employed and Self Employed

MarkD1990

Hi all, I know this has been posted quite a lot, but each circumstances are different and I want an answer to my own circumstance.

I currently work full time (38 hours) and I want to start my own business. Now I want to know how would it affect my tax. Does it work like if you would have a second job? Or would running my own business affect my tax on my full time job?

Thank you in advance, and any help is widely appreciated.

Mark

00ec25

as you say this has been answered many times before and your circumstances are identical to those

what do you think you mean by "affect your tax on your job"

employment income + self employment profits = total income

total income - personal allowance = taxable income

taxable income x tax rate = tax payable

tax payable - tax paid under PAYE on employment job = tax still left to pay on annual tax return

Comms69

00ec25 wrote: »

as you say this has been answered many times before and your circumstances are identical to those

what do you think you mean by "affect your tax on your job"

employment income + self employment profits = total income

total income - personal allowance = taxable income

taxable income x tax rate = tax payable

tax payable - tax paid under PAYE on employment job = tax still left to pay on tax return

I do get concerned when people start businesses with no grasp of these things