Tax question-regestring as s/e whilst on the books

[josharb87]

im on the books 5 days a week, but need to be registered self employed at the same time for a diffrent income, anyone know if this is possible, and disadvantages, things to look out for, and what i have to do?

 

cheers

[Andy Collins]

I know you can be employed and self-employed at the same time, not sure of the ins and outs I'm afraid!

[Mick Stockbridge]

Thats no problem at all Josh. I've taken on brash draggers that work full time elsewhere then worked for me aswell on a s/employed basis.

 

All they have to do is call HMRC and declare what they are doing. You even get three months grace before having to notify them of your intention.

Edited March 11, 2010 by Mick Stockbridge

[Mozza]

Do you not pay a higher rate of tax for having 2 incomes?? Or is that abit of a myth ive been told

[Paul Smith]

You have to also register for National Insurance.

[tractorboy1]

You would have to pay tax on all the extra you earn if you have used up your tax allowance. But obviously you can claim for kit and stuff.

[Brushcutter]

I'm in the same boat. May just have to phone the tax office or ask a accountant for the definative answer. Hopefully someone here will know.

[Tony Croft aka hamadryad]

why should we pay Self employed NI contributions when we as employed pay NI through the nose anyways?

[Stephen Blair]

just call the tax folk josh, they are your friends mate, get on first name terms with your local office, takes all the bs and myths out of the equation mate. You would only pay a higher tax level if you broke through the one you are on just now Liam

[Tony Croft aka hamadryad]

what is the higher tax band these days? 64k per annum?