1st time self-assesment form

SVts

I've never filled in a self-assessment form but I have tried to day and despite being told it is a straightforward process I have found it stressful so I'm looking for a little advice please.

My situation for the tax year 2023-2024.

I had two jobs as an employee then decided to try being self employed.

My totals;

£1026 - as employed (PAYE)
£8429 - self-employed

£9455  

£4409 interest payments from my savings. 

£13864 Total income 

Please can someone advise on what tax or national insurance payments I can expect to pay.

Many thanks

eskbanker

No tax, and for NI:

If you’re employed and self-employed

You might be an employee but also do self-employed work. In this case your employer will deduct your Class 1 National Insurance from your wages, and you may have to pay Class 4 National Insurance for your self-employed work.

How much you pay depends on your combined wages and your self-employed work. HMRC will let you know how much National Insurance is due after you’ve filed your Self Assessment tax return.

https://www.gov.uk/national-insurance/how-much-you-pay

DullGreyGuy

You received £1,026 gross pay across two jobs in one year? Assuming minimum wage salary thats under 99 hours

SVts

DullGreyGuy said:

You received £1,026 gross pay across two jobs in one year? Assuming minimum wage salary thats under 99 hours

Yeah I didnt like them :-)

SVts

Reason for the thread as when I pressed calculate it was showing that I owed 1k+ which obviously wasn't right. Now I see that I had entered my interest as net rather than gross causing the error.

My national insurance does show that I owe £100 but I cannot see a request for it to be paid. Is the £100 for the tax year or what I need to pay to claim a full pension? 

MetaPhysical

Timely thread and without hijacking your post OP, when the calculation is made do you just pay the NI and tax in one lot or do you have to pay the NI and tax separately?

SVts

MetaPhysical said:

Timely thread and without hijacking your post OP, when the calculation is made do you just pay the NI and tax in one lot or do you have to pay the NI and tax separately?

No idea I close the app at that stage as don’t want to go any further yet.
However it appears they trust you to pay NI contributions. May be wrong hopefully someone can give an accurate answer.

eskbanker

https://www.gov.uk/self-employed-national-insurance-rates explains the calculation, which is based on profit rather than turnover.

SVts

eskbanker said:

https://www.gov.uk/self-employed-national-insurance-rates explains the calculation, which is based on profit rather than turnover.

Leads to another question if I may.

£8429 is turnover not allowing for fuel costs. How would I prove the amount spent on fuel? What evidence would they require? 

FlorayG

Don't stress too much - it's always a nightmare the first time you do it, at least you can go back and correct mistakes before you submit

eskbanker

SVts said:

eskbanker said:

https://www.gov.uk/self-employed-national-insurance-rates explains the calculation, which is based on profit rather than turnover.

Leads to another question if I may.

£8429 is turnover not allowing for fuel costs. How would I prove the amount spent on fuel? What evidence would they require? 

You need to keep records, such as receipts:

https://www.gov.uk/self-employed-records/what-records-to-keep