Working AND self employed - Self assessment

igadhia

Hello all,

I am working for a company (PAYE) and last year I also set up a small internet business off a certain auction site...!

I decided to start properly and registered for NI contributions or this but the
the internet venture has made only about 5k all year.

I have now a self assessment to fill in, what sections do i need to fill in considering I am BOTH employed and self employed?

(is it really worth it ? at what point do they care?)

any tips or hints would be appreciated.

ctm_2

igadhia wrote:

Hello all,

I am working for a company (PAYE) and last year I also set up a small internet business off a certain auction site...!

I decided to start properly and registered for NI contributions or this but the
the internet venture has made only about 5k all year.

I have now a self assessment to fill in, what sections do i need to fill in considering I am BOTH employed and self employed?

(is it really worth it ? at what point do they care?)

any tips or hints would be appreciated.

You fill in the main return, and then an employment page (the pink one) for your job, and the self-employment pages (the orange ones) for your self employment.

grownup1

I was both employed and self-employed a couple of years ago and (like you) didn't earn a lot self-employed. Declaring everything seemed to work out quite well (I'm a bit hazy about how it's all calculated) because I could claim some expenses against tax as a self-employed person and so I got a sizeable rebate.

Perhaps someone whose head doesn't hurt when they think about tax can add some hard info....

sarahlouise210

As grownup1 says ...It would be possible to get a refund of PAYE tax but only if your Self Employed business had made a loss - the losses could be set against the tax you paid in your Regular PAYE job.(or if you had overpaid on payment on account) You ,however,have said you made £5000... is this after expenses or in total? If you pay tax at the basic rate then 22% of £5000 is still £1100. While you continue to be Self employed you will need a Self Assessment tax return.