Seeking advice on a second income...

siddaway

Hi

I currently have a full time job (37 hours a week) and earn 30K but am wanting to start doing work from home for other companies to earn extra money but also to eventually work for myself full time from home. Im not sure how the tax system works for doing this, can I just declare the extra income on my return or can I set up a limited company even though I am currently PAYE with my current employer ? and if I can add it to my tax return how is the tax calculated ?

any advice or even links to advice would be greatly appreciated !

Andy

Mark7799

Andy,

You will need to register with the Inland Revenue for your business if you are working on a self-employed basis - form CWF1 and you give details of your current employers on that. It's downloadable from the Revenue website

http://www.hmrc.gov.uk/forms/cwf1.pdf

You can have the choice of setting up a company but if this is the most tax-efficient way to do so would depend upon your personal situation.

For more information, try https://www.businesslink.gov.uk

saffron_3

hi, i'm new to this game so sorry if it's the wrong bit, i'm desperarely needing extra cash despite working full time. I saw an ad for stuffing envelopes at home so sent for details - sounds too good to be true which makes me a bit suspicious and wondered if anyone else had heard about them. It's 'Homework Opportunities, Direct Marketing' the proprieter is Mr C S Dowson apparently they pay you 80p per envelope plus 20p bonus (not specified what for) and in return for your returnable registration fee of £24.99 you also get a free 'Borrowers Bible'. You pay for nothing else - stamps, postage etc, there's no selling involved and no pornographic or objectionable material. Does anyone have any wisdom to impart on this? Would I be better off taking my guitar an 3 legged dog down the high street??!!

YorkshireBoy

saffron wrote:

Does anyone have any wisdom to impart on this?

Put the £24.99 on a non-runner in the 2.30 at Haydock tomorrow - you'll lose less money!

klondyke

YorkshireBoy wrote:

Put the £24.99 on a non-runner in the 2.30 at Haydock tomorrow - you'll lose less money!

Couldn't have put it better myself!

saffron_3

thought that might be the response - any ideas then for how to buy uniforms and pay for new car exhaust (plus imminent MOT an tax) with 25 quid?

YorkshireBoy

saffron wrote:

thought that might be the response - any ideas then for how to buy uniforms and pay for new car exhaust (plus imminent MOT an tax) with 25 quid?

Hi saffron, I'm sorry for jesting at your expense, so here's a serious reply for you.

In our local paper there's loads of part-time jobs advertised...

Supermarket work, cleaning, bar work, restaurant work, charity shops, call-centre, petrol station, life-guard, village hall caretaker, etc.

The next time you're enjoying your leisure time, look around you and see who else is working. These may be the jobs you could do part-time.

What skills do you have? What do you do full-time? Can you get a better paid full-time job?

klondyke

saffron wrote:

thought that might be the response - any ideas then for how to buy uniforms and pay for new car exhaust (plus imminent MOT an tax) with 25 quid?

I wasn't entirely jesting - ie if you are short of money, don't touch these envelope stuffing scams (or any who ask for your money before they tell you what is involved) with a barge pole, or you will have even less money. You should never have to pay someone in order to work for them.

Sorry I haven't any better ideas than YorkshireBoy - eg local ads etc - especially if you are already working full time. (If you can type and are near a uni or college, it may be worth asking if anyone needs help typing theses etc, tho probably a bit late in the year now.) Also, if you are desperate for money, shelf-stacking in local supermarket - but that won't lead to a self-employed business.

Hope you find something soon.

heresjohnny_2

There are many ways to make a second income online. (paid surveys, ebay, etc).

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frankiecossar

Cant see the point american based employment, anyone know a good easy quick money making fix. :T

https://www.bankrobber.co.uk

Sorry on a serious nature, hard work is the only answer

FC

Jacster_2

siddaway wrote:

Hi

I currently have a full time job (37 hours a week) and earn 30K but am wanting to start doing work from home for other companies to earn extra money but also to eventually work for myself full time from home. Im not sure how the tax system works for doing this, can I just declare the extra income on my return or can I set up a limited company even though I am currently PAYE with my current employer ? and if I can add it to my tax return how is the tax calculated ?

any advice or even links to advice would be greatly appreciated !

Andy

Back to the OP....;)

You might want to try posting on the Cutting Tax Board - people may be able to help more there?

Not sure the tax experts come on here much, and I'm definitely not a tax expert! Sorry I can't help more.

Good luck