Tax code for sole traders? Amounts under 10k

[nippleheaven]

Hey again.

Just want to check something.

My partner works in full time, on his own tax code 1000l. My income will most likely be solely on AW, maybe other similar sites in the future, but just that for now.

I'll be creating a seperate bank account for this, to keep things easy to seperate

Am I right in thinking, that if I go self employed for this, as a sole trade, I would also get the same 1000L tax code....or do we have to get a special different tax code?

So.....of the income I receive, I won't need to pay any tax on the first 10,000 of profits, just the tax on the amount above that? And of course NI Contributions for Class 2 and the Class 4 amounts of 9% over the £7,956?

Or am I getting the wrong end of the stick, and the entire amount will be subject to paying the full tax due to some different rules for self employed?

Thanks
xx

[maggiebabes]

I am not an expert and I am sure someone here will able to fully clarify, but I registered self employed and about to do the return. I am sure you are right, I googled the different ways of accounting and for small self employed like us, there is Cash Based Accounting, this seems so simple and fixed allowances for everything, so no proportioning different expense. I have used this so hope its right ?
any expert like to comment?

[xKatieBabyx]

Nope, you still get your personal allowance. plus you can claim for allowances on business expenditure. If you're earning under 10k I don't think you will be liable to pay tax at all, but you must still register as self employed and submit a tax return. Allowances are hotly contested among camgirls, some say they claim for everything, others prefer to claim for only things they can prove are 100% business related like a computer, camera, accounting software, domain name fees etc, and a small proportion of household utilities. You must keep good records and receipts for anything you claim x