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

[Robert_S]

As stevie says Josh phone the tax office, i dont know if its changed now but you use to have to pay class 2 NI contributions and your employer may want you to have personal injury cover in case you get injured whilst working for your self, they may not want to pay you sick pay ( that is if they pay it the now!!).

[Stephen Blair]

tax percentages change every 5 or 6 k tony, hence why you never pay the same amount each week when employed. first 8k is free, then its about 10% from 8-12k, then 15% from 12-15k. 20% from 15-20k, 22% from 20-30k. these are rough guesses, its years since i looked into it properly. But tax over 50k gets sickening, it really annoys me, why should someone who has the brains and skill to earn good money be punished:thumbdown:i think there should be reward schemes for employers, give the good guys some incentive and stop rewarding the spongers and free loaders. sorry little rant there:sneaky2:

[Tony Croft aka hamadryad]

tax percentages change every 5 or 6 k tony, hence why you never pay the same amount each week when employed. first 8k is free, then its about 10% from 8-12k, then 15% from 12-15k. 20% from 15-20k, 22% from 20-30k. these are rough guesses, its years since i looked into it properly. But tax over 50k gets sickening, it really annoys me, why should someone who has the brains and skill to earn good money be punished:thumbdown:i think there should be reward schemes for employers, give the good guys some incentive and stop rewarding the spongers and free loaders. sorry little rant there:sneaky2:

 

whilst you make a good and (conservative) sound point, in a modern society we expect those that can afford it to contribute to the pool at a higher and rightly so level.

 

Why shouldnt the wealthy be taxed higher?

 

I like the robin hood priciples!

[josharb87]

cheers for the info boys:) i'll just give them a buzz in the morning, i do like the sound of claiming back expense, as i guess if i claim enough back it would over run from self emloyed tax contributions to the employed tax, (expences would count against both incomes?) giving me a rebate at the end of the year???

 

i'll have a look for their number and see what they say

 

thanks!

[Stephen Blair]

whilst you make a good and (conservative) sound point, in a modern society we expect those that can afford it to contribute to the pool at a higher and rightly so level.

 

Why shouldnt the wealthy be taxed higher?

 

I like the robin hood priciples!

 

Lets say you and i are sent to a job tony, we both were given the same task to do and paid the same per tree(£10 each tree). At the end of the day you have done 20 trees and i have done 10. Now the reason i have only done 10 is because i wasted time on the phone, used rubbish old kit, and basically skived and had a hang over and it took me an hour to walk to the nearest greggs. You in the other hand , had an early night, got up early, made your packed lunch, had invested your hard earned money on new kit and got stuck in.

 

when it came to payment. i am handed £140 pounds and offered a lift home since i dont have a car. You are handed £150. I got an extra £40 because because i need some money for a carry out and i cant afford my gas bill. So the boss took it off of you and an etra £10 for his fuel for my lift.

 

Cheers mate for working so hard, because i didnt need to:thumbup:

 

Obviously this is fair in your eyes:biggrin:

[Kev Stephenson]

I did this for a couple of years.

 

If you earn less than about £4.5k (value goes up each year) you can register for small earnings exemption for national insurance. It's just one form to fill in.

 

You will get a tax return to fill in annually details from your P60 (employed info) and add in the details from your self employment and away you go. You can always make a loss on the self employed bit from buying loads of kit and you will get a cheque back from the tax man as overall you would have overpaid tax.

 

You pay tax at the appropriate rate on you combined earnings, because your employed earnings will use up all your tax free allowance everything you declare as profit on your self employment will be taxed at 20% up to a total of £45k-ish then 40% over that

 

Phone the tax office and tell them what you want to do, they will send out an info pack and add you to the tax return lost. Simples

 

Drop me a PM if you need more info

[niftysteve]

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

 

my accountant in histon would explain how it all works if you wanted to have a chat with him

[Mark Bolam]

Lets say you and i are sent to a job tony, we both were given the same task to do and paid the same per tree(£10 each tree). At the end of the day you have done 20 trees and i have done 10. Now the reason i have only done 10 is because i wasted time on the phone, used rubbish old kit, and basically skived and had a hang over and it took me an hour to walk to the nearest greggs. You in the other hand , had an early night, got up early, made your packed lunch, had invested your hard earned money on new kit and got stuck in.

 

when it came to payment. i am handed £140 pounds and offered a lift home since i dont have a car. You are handed £150. I got an extra £40 because because i need some money for a carry out and i cant afford my gas bill. So the boss took it off of you and an etra £10 for his fuel for my lift.

 

Cheers mate for working so hard, because i didnt need to:thumbup:

 

Obviously this is fair in your eyes:biggrin:

 

 

When will this country realise that 99% of high earners get there by a combination of graft and brains?

 

And that 20% of £100k is still a much greater contribution than 20% of £12k from someone who didn't try at school or work as hard?

 

Level playing field, thats all.

[josharb87]

well i rang hmrc, one girl was really nice and understanding, although all she done was give me another number to ring, rang that number, and the next girl was about as helpfull as an alcholic limbless groundie with an attitude problem

 

steve i'll regester online now, but a chat with an accountant would be great, cheers mate