Self employed and employed !

hellows

I am currently in full time employment but I would like to do something extra and open my own business. Can I be then employed and self employed at the same time ?
What status will then apply to me ?
As I understand my employer currently pays my NI and TAX but as self employed you will have to do it yourself ?

So how will this work for me then as employee and self employed ?

I visited the revenue web page but could not find any info.

fengirl_2

You can be employed and self employed - as an employee your status would be an employee and as a business your status would be self employed. Lots of people do it.
You would need to register with HMRC within 3 months of starting your business and the form to do this is on HMRC's website. You will pay class 2 NIC monthly by DD and compelte a self assessment at the end of every year on which you will show your employed earnings and your self employed accounts. You will pay your tax in 2 installments on 31 Jan and 31 July of the following year.
Lots of leaflets and info on being self emplloyed on HMRC website, or call in to your local office.

hellows

fengirl wrote: »

You will pay class 2 NIC monthly by DD and compelte a self assessment at the end of every year on which you will show your employed earnings and your self employed accounts. You will pay your tax in 2 installments on 31 Jan and 31 July of the following year.
local office.

Why do I have to put my 'employed earning' they have all the info already from my eployer.

As to tax and NIC - I have to pay this on my self eployed income only, right (this what I get from my business)?

As to my income I get form my eployer he will be the one who will deduct NIC and Tax from my pay. Is this right ? Just like it was when I was eployed plus now. self assesment on the income from my busines.

Is this right ?

fengirl_2

You have to declare all your earnings on your self assessment because its your assessment of your earnings. If tax has been paid or not, it still has to be declared. Self assessment includes all your income, which is why its called self assessment.
Your employer will continue to deduct tax and NIC from your earnings - he wont know anything about your self employment, unless you choose to tell him, but it still wont affect your tax.
The additonal tax you pay will relate mainly to your self employed profit, although you may have tax to pay on other untaxed income, depending on your circumstances.