Tax help?

jaygdsl

New Member
Hi,

So I'm currently on a 24 hour contract for a store as my main current job, but recently I did a small job for a company on designing a few bits for them which I made £200 from, which I invoiced for etc and I believe the money came from their business account. I don't want to pursue this as a constant thing it was more a 1 off, but do I need to do anything about income tax or anything with this? I dont want a tax man ending up at my door ha after checking their books!

Please help!

Thanks
 

Levi

Moderator
Staff member
You should declare all 'taxable' income to the tax man so you'll likely need to set up self assessment etc.
HMRC site will give more information.
 

jaygdsl

New Member
You should declare all 'taxable' income to the tax man so you'll likely need to set up self assessment etc.
HMRC site will give more information.
So you'd recommend I do something about it even though its small and a one time thing?
 

Wardy

Well-Known Member
Yes, I'm afraid you're now officially self-employed as well as being employed. If you don't register now then it may back-fire further down the line, and
you may decide to do more work on the side anyway. Don't worry, your tax return will take you 5 minutes to fill out.
 

jaygdsl

New Member
Yes, I'm afraid you're now officially self-employed as well as being employed. If you don't register now then it may back-fire further down the line, and
you may decide to do more work on the side anyway. Don't worry, your tax return will take you 5 minutes to fill out.

So will this be part of the current financial year? 20-21? for a tax return to be done after im guessing? not a return right now?
 

fisicx

Active Member
Your employed salary gets the tax free component, everything else is taxed at 20%.

HMRC treats all your income as a single amount.

The good news is you can put in a tax claim for your computer, software you use for business, part of your internet bill, the room you use to do the work and so on. It may mean you end up paying zero tax on that £200.
 

jaygdsl

New Member
Your employed salary gets the tax free component, everything else is taxed at 20%.

HMRC treats all your income as a single amount.

The good news is you can put in a tax claim for your computer, software you use for business, part of your internet bill, the room you use to do the work and so on. It may mean you end up paying zero tax on that £200.
So when filling out the self assement and officially becoming self employed as well as employed, does it automatically start to tax me or do I need to contact my company i work for? or HMRC and tell I have a part time job too?
 

Levi

Moderator
Staff member
The good news is you can put in a tax claim for your computer, software you use for business, part of your internet bill, the room you use to do the work and so on. It may mean you end up paying zero tax on that £200.
You can only put in full amounts if you use the computer (and anything else technically) purely for work, if it's used for anything else it needs to be done on a percentage basis.


@jaygdsl
In all honesty if it just this one single job you'd be hard pressed to prove any expenses on things like pc's were purely for work if asked by HRMC and hardly worth claiming for anything in all honesty, £200 is going to make next to no difference to the overall end of year taxes you'd get from the main job.


In regards to taxes, basically you'll get asked to fill in a form 'at the end of the year' and work out what you owe etc, however you'll need to notify HMRC now and it will ask you if you have any other jobs iirc. As I said earlier you can find all this information out on HRMC site (seems some is also on the .gov site... just do a search for UK self employed and you should see a 'working for myself' link) and in all honesty will be far more accurate than what is being said here.
 
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