Band 5 PAYE and self-employed?

jennylin

Hi all, I am an NHS band 5 employee in London. Recently, I got an offer to work as a freelance interpreter however, I have to be willing to register as self-employed. I'm not sure what implications this will have on my tax and if I have to notify HMRC? I don't think I'll earn enormous amounts from this translating job as I currently work full-time and do enjoy my weekends. The pay is £30 for the first 2 hours and £15 for every hour after that, based on this I estimate ill earn an extra £2000-£3000 per year, maybe more depending on my free time and how long the jobs are. 
Any words of wisdom would be greatly appreciated! Thank you so much  . 

Dazed_and_C0nfused

Yes you would need to notify HMRC.

There is no need for it to impact the tax on your PAYE job.  If you fill in the return correctly can just pay the tax owed on your business direct to HMRC after completing your Self Assessment return.

If you start in the current tax year the first time you would have to pay anything would be 31 January 2021.

If you have low expenses you may be able to claim the trading allowance of £1,000 instead of the actual expenses incurred, reducing your profit from £2-3k to £1-2k.