General Advise on TAX (employed and now newly self employed)

Lanky_larry

Afternoon! 
I am in the mire a bit trying to get this sorted! 
I am in the process of registering as self employed as I have a Tiktok account that I recently starting to earn from (in the process because over a decade ago I was self employed for a short while and I cannot find the UTC number thing they want - I've only been earning for 2 months though, so hopefully I'm okay, and all my earnings are ringfenced currently so I'm not worried about paying tax bills when I finally sort it!) 

anyway, I currently have 6 income streams
Main role - (which I  have reduced hours to 2 days a week since caring for my husband, I am not sure if I will pick these back up)
My husband's pension
3 parish councils 
and my social media

none of them earn enough for me to pay NI which I am sorting as I worry about my state pension contributions - main role has an accountant so they sort the tax, pension is controlled by the miliary pension people so they sort the tax , parish councils are self managed. I have myself on BR at the moment, but got a letter recently that I should be on 825T (number isn't correct, it's something like that) but I disagree

I know I need to ring them, but I'm kinda hoping that when I submit my self employed tax return, it should sort it all out? 
I do however want to make sure, no matter what, that I am not underpaying, I may not have the spare to pay lots back so I must make sure I get it right (

Also, does anyone have any tips re claiming expenses for social media earnings? 
I pay for editing software so have that listed but nothing else. 
I believe in paying tax but I'm also not in the mindset that I should pay more than necessary! 

sorry for the essay, this has been going round my head for some time and I don't really sleep at the moment

Dazed_and_C0nfused

Lanky_larry said:

Afternoon! 
I am in the mire a bit trying to get this sorted! 
I am in the process of registering as self employed as I have a Tiktok account that I recently starting to earn from (in the process because over a decade ago I was self employed for a short while and I cannot find the UTC number thing they want - I've only been earning for 2 months though, so hopefully I'm okay, and all my earnings are ringfenced currently so I'm not worried about paying tax bills when I finally sort it!) 

anyway, I currently have 6 income streams
Main role - (which I  have reduced hours to 2 days a week since caring for my husband, I am not sure if I will pick these back up)
My husband's pension
3 parish councils 
and my social media

none of them earn enough for me to pay NI which I am sorting as I worry about my state pension contributions - main role has an accountant so they sort the tax, pension is controlled by the miliary pension people so they sort the tax , parish councils are self managed. I have myself on BR at the moment, but got a letter recently that I should be on 825T (number isn't correct, it's something like that) but I disagree

I know I need to ring them, but I'm kinda hoping that when I submit my self employed tax return, it should sort it all out? 
I do however want to make sure, no matter what, that I am not underpaying, I may not have the spare to pay lots back so I must make sure I get it right (

Also, does anyone have any tips re claiming expenses for social media earnings? 
I pay for editing software so have that listed but nothing else. 
I believe in paying tax but I'm also not in the mindset that I should pay more than necessary! 

sorry for the essay, this has been going round my head for some time and I don't really sleep at the moment

Given you won't necessarily be submitting your tax return for another year from now it might be prudent to keep the PAYE side of things as upto date as possible now.

As you are self employed it's not usually possible to avoid underpaying as that is one of the things Self Assessment is for, to sort any tax not collected at source.

There will doubtless be a way of minimising tax owed from your self employment but I think it's probably too long winded to explain on here.  And its not particularly MSE to pay more PAYE than you strictly need to to get a smaller Self Assessment bill further down the line!

You seem to put a lot of faith in others when, at the end of the day, this is your tax position. And your responsibility.

Lanky_larry

What do you mean by putting a lot of faith in others? I am not a trained accountant so yes I trust the accountant at work, and the military pension people take the tax at source, I can’t change that and I haven’t got a clue what I’m doing so it’s for the best 🤣

I have no idea what the rest of it means but thank you for trying. I will ring HMRC and hope they can clear it up for me. I did not expect to need to figure out earnings from TikTok, but apparently when your husband dies people watch your content and i am far from ungrateful but I don’t have much of a working brain at the moment sadly 

thank you again  

ETA - I’ve reread this post and I still don’t understand, I feel like It’s a bit sarcastic telling me it’s my responsibility… I can’t see where I’m not taking responsibility but am asking for advice, which isn’t that the point of the forum. 

I hope I’ve misunderstood because I’ve come back to get my head round it and feel quite upset! Oh well. Par for the course I suppose 🥰