Hi guys,
I've been a lurker for quite some time but rarely post.
I have just graduated and have started freelance work.
I work part time in a secure job which I won't leave until I've built up enough clients to enable me to do so.
So this morning after a meeting, I have my first job which totals 2k and the deposit is being paid later today.
Time frame for completion is a few months - a set amount of completed work as discussed, including 3 revisions.
I'm drawing up a contract both for herself and for my reassurance as per the discussion today.
My question is how to go about declaring this extra income without messing up the automatic tax from my PAYE.
I've read a little but find it quite confusing. As I understand, I leave my PAYE as is, and fill out an additional form that pertains to the extra only?
The client is in fact an accountant but I don't want to appear unprofessional, although she is aware of my newly graduated/inexperienced status.
(She found my work at the degree show).
Also, I'll be purchasing a new laptop in the next two weeks for design-on-the-go and client meetings, which as I understand can be classed as direct expenditure for my extra income.
So confusing especially with already having a job
But with the amount of money this is I can't afford to just ignore the fact that I need to declare it.
Any guidance would be very appreciated.
Thanks,
Ophelia
I've been a lurker for quite some time but rarely post.
I have just graduated and have started freelance work.
I work part time in a secure job which I won't leave until I've built up enough clients to enable me to do so.
So this morning after a meeting, I have my first job which totals 2k and the deposit is being paid later today.
Time frame for completion is a few months - a set amount of completed work as discussed, including 3 revisions.
I'm drawing up a contract both for herself and for my reassurance as per the discussion today.
My question is how to go about declaring this extra income without messing up the automatic tax from my PAYE.
I've read a little but find it quite confusing. As I understand, I leave my PAYE as is, and fill out an additional form that pertains to the extra only?
The client is in fact an accountant but I don't want to appear unprofessional, although she is aware of my newly graduated/inexperienced status.
(She found my work at the degree show).
Also, I'll be purchasing a new laptop in the next two weeks for design-on-the-go and client meetings, which as I understand can be classed as direct expenditure for my extra income.
So confusing especially with already having a job
But with the amount of money this is I can't afford to just ignore the fact that I need to declare it.
Any guidance would be very appreciated.
Thanks,
Ophelia