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Self Employment Tax!
leah281
Posts: 2 Newbie
Hi Everyone,
I am looking for a bit of help about tax. I currently have a weekend job working 24 hours, but i'm after a bit of extra money that i can earn during the week from home. I've been accepted by a Transcription website that pay me for each transcription I choose to complete.
I know this means i will have to set up as self employed, but i'm struggling to understand the tax logic behind it, and considering just not bothering because i'm scared of getting it wrong!
When would be the first self assessment i would have to complete, if i was to start the job now? And also, if the tax year ends in April, how can I complete my assessment in January when the year hasn't finished yet?
I hope somebody has some insight :laugh:
Thank you!
I am looking for a bit of help about tax. I currently have a weekend job working 24 hours, but i'm after a bit of extra money that i can earn during the week from home. I've been accepted by a Transcription website that pay me for each transcription I choose to complete.
I know this means i will have to set up as self employed, but i'm struggling to understand the tax logic behind it, and considering just not bothering because i'm scared of getting it wrong!
When would be the first self assessment i would have to complete, if i was to start the job now? And also, if the tax year ends in April, how can I complete my assessment in January when the year hasn't finished yet?
I hope somebody has some insight :laugh:
Thank you!
0
Comments
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Your first tax self assessment will be due 9 months after the end of the current tax year. So if you start the additional work now, you will complete your first SA by 31st January 2020 for any work done between April 2018 and March 2019.
Self assessment is relatively straightforward - you just register, enter your personal details, enter your earnings and tax paid from employed salary, total self employed earning less any expenses and it calculates your tax due. Just keep any records of your earnings and costs.Mortgage = [STRIKE]£113,495 (May 2009)[/STRIKE] £67462.74 Jun 20190 -
That's great, thank you so much for your help! That's made it a lot clearer for me.
On the self asssessment it also says Business Address, i'm guessing i would put my own address in there, rather than the address of the transcription company that i'm getting the freelance work from?
Sorry if i sound really stupid :rotfl:0 -
yes its always your detailsMortgage = [STRIKE]£113,495 (May 2009)[/STRIKE] £67462.74 Jun 20190
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On the self asssessment it also says Business Address, i'm guessing i would put my own address in there
Yes, they are asking about your business.
If you are successful you might be doing transcriptions for numerous companies/organisations but HMRC don't want their details, they are interested in the business you are running. So your address.0
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