11-12-2017, 09:57
If you started self employment on or 6 April 2017 you have until 6 October 2018 to register with HMRC.
I always think it's better to register sooner than later.
Your earnings from your part-time job will be added to your self employed profit (income less expenses) when HMRC calculate your tax liability for the year.
At the moment you won't be paying any tax on your part-time earnings because they are less than the amount you can earn in a year without paying tax (currently £11,500).
In very simple terms, if your self employed profits exceed £20 per week you'll have to start paying tax at at 20% on the excess.
I hope this helps. It is, however, only the tip of the tax and national insurance iceberg!
I always think it's better to register sooner than later.
Your earnings from your part-time job will be added to your self employed profit (income less expenses) when HMRC calculate your tax liability for the year.
At the moment you won't be paying any tax on your part-time earnings because they are less than the amount you can earn in a year without paying tax (currently £11,500).
In very simple terms, if your self employed profits exceed £20 per week you'll have to start paying tax at at 20% on the excess.
I hope this helps. It is, however, only the tip of the tax and national insurance iceberg!
A chartered accountant specialising in the adult entertainment industry. Professional and discreet.
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