Can you be employed AND self-employed at the same time?

Blu_x

How much percentage should I keep by from my self employed earnings? I'm making about £200 per month on top of my main job. So confusing

pennilesswriter

I have the same problem - I was self employed for a company but they have now taken me on full time as an employee, so i have cancelled my 'self employed' status... but i might now do freelance work as well to bump up my money... do i have to re-register? Won't this mean i am then paying twice the tax though so is it worth it?

Thanks!

Blu_x

Anyone? :A

skipkoo

I think 20%, same as if you were being taxed at BR when you have a second job, but you will need to check this!

PlutoinCapricorn

If you are using up your Personal Allowance of £6,475 at your main job, then you will have to pay tax at 20% on your self employment profit (income minus legitimate expenses).

You might also have to pay Class 2 and Class 4 NI, but not if your self employment income is under £5,000 or so.

Don't forget the new budget though: all the figures may change.

HMRC website and www.businesslink.gov.uk should always have the latest rules, figures, percentages and bands.