First time tax return
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Fliss_M
Posts: 695 Forumite
Mid last tax year I picked up a second job. Self employed processing invoices and invoicing the company in question.
It's not loads. I earnt roughly 2.5k last year. So I'm expecting to pay 20% on 1.5k of that with the 1000 allowance.
Questions are
I have a full time job that I use all my allowances with and obviously pay tax on through PAYE. Do I also have to declare that earning on the tax return?
Do I also declare the interest from savings accounts? I read on the form you don't include personal savings accounts but further down it implies you do? But with you having 5k allowance for that do you need to if it's below that? (I can assure you it's well below that lol)
When declaring my earnings do I list the full amount or the full amount less the 1000 allowance?
Thanks in advance x
I intend to click the box so I get a bill for the amount in question. I'd rather not have a change in tax code going to my current employer.
It's not loads. I earnt roughly 2.5k last year. So I'm expecting to pay 20% on 1.5k of that with the 1000 allowance.
Questions are
I have a full time job that I use all my allowances with and obviously pay tax on through PAYE. Do I also have to declare that earning on the tax return?
Do I also declare the interest from savings accounts? I read on the form you don't include personal savings accounts but further down it implies you do? But with you having 5k allowance for that do you need to if it's below that? (I can assure you it's well below that lol)
When declaring my earnings do I list the full amount or the full amount less the 1000 allowance?
Thanks in advance x
I intend to click the box so I get a bill for the amount in question. I'd rather not have a change in tax code going to my current employer.
4 children, 2 cars, 2 full time working parents, large detached house and the will to save every money saving penny we can
0
Comments
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1. You have to declare earnings from employment and the tax deducted from this. This is then used to calculate the remaining tax due across all your income.
2. I've always declared my interest to be on the safe side, even though it's well below the threshold.
3. Not sure as I've never used the trading allowance, but I imagine you declare the full amount and there will be a box to tick somewhere to say you want to use the trading allowance rather than report expenses.
Credit card debt: £7847.24 £6387.13
https://forums.moneysavingexpert.com/discussion/6495250/new-year-new-career-8k-to-clear0 -
Have a read of the notes here:
https://www.gov.uk/government/publications/self-assessment-self-employment-short-sa103s
The 1K allowance is called the "trading income allowance" and you enter it in box 10.1.
Hope that helps.Credit card debt: £7847.24 £6387.13
https://forums.moneysavingexpert.com/discussion/6495250/new-year-new-career-8k-to-clear1 -
Fliss, once you start doing the online form it's pretty straight forward. The first section tailors the return for you by asking what type of income you have, PAYE, sole trade, savings, pension etc..1
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