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If you are working as an employee of a company they will deduct tax and NI at the appropriate rate (usually full for a second job). If however your self employed you should register with HMRC. Its all on their website
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Phone your local tax office. They will tell you what to do.
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You've already had your full tax allowance, so that means that you'll pay tax on every penny of your additional earnings. (Assuming that your total earnings don't take you into a higher tax bracket, that will be at 20%. So that's £1200 out of your £6K gone already).
Annoyingly, if you've got two jobs you have to pay two lots of National Insurance as well. However as your second job would (presumably) be as a self-employed worker you'd only have to pay at the lower rate of £2.40 per week plus 8% of your profits above £5715. http://www.hmrc.gov.u...ntro/selfemployed.htm Chris |
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sharrup aboot it & take cash
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A one off payment of £6k sounds very nice, any work going for me?
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itd be tempting to just keep quiet about it .....?
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Question Author
Thanks Chris. And too you all, that has crossed my mind! I'll see how it goes
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Keep quiet about it if you want but if the person that pays you declares it then the tax man might come looking..
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| has the data protection act been broken. i have a ?1200 loan with a sub prime lender. due to being off work with a slipped disk { located L2 + L3} and only earning ssp i could not make one of my... |
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