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CARL N | I have been offered a second job earning £200 per wk. i will be self employed. how much tax will i pay? |
i have a job during the day and this second job requires that i become self employed. i need to know how much income tax and NI i would pay |
 |
 
steffi
 |
Listen to Fengirl2, and don't get yourself in the manure. Other criteria to consider. Can you delegate the work? Time the hours to suit yourself? Use your own premises/equipment, or your employer's?
If there is any doubt, you should contact your tax office. Staff will refer you to a Status Inspector attached to that area, who will make a decision.
If self-employed, that will put you into self-assessment, and you will have to complete an annual Tax Return. How much tax you would pay would depend on your top rate of tax at your other job. If employed, you would suffer tax deductions, also depending how much you are paying at other job. |
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Steve
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Look on the inland revenue site, they will have a number you can call to get the info you need. With self employed tax and NI you need to get it right and you could end up with umpteen different answers on here :) |
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Danny
|
Now for some correct information:
£200 per week is approx £10,400 per annum
Your personal allowance situation is complex as you have that taken into account through your PAYE system. Let us assume that you use up all your personal allowances.
So, £10,400 at 20% is a maximum of £2,080 tax bill.
Then you have NI
You'll pay (again, forget your employed work, you'll pay NI separately for that) a flat rate of £2.30 a week (£119.60pa) and over £5435, 8% of your earnings, meaning on a figure of £10,400 you'll pay an extra £397.20 bringing your NI contribution to a total of £516.80pa.
So, your tax bill would be (roughly) as follows on your self employed income:
Income £10,400
Income tax at 20% (No Personal Allowance) £2080
NI Flat weekly rate £119.60
NI 8% over £5435 is a total of £397.20
NET INCOME £7803.20
Again, that includes no personal allowances and no business expenses or running costs. You will be paying Class 1 (PAYE) 2 (Self Employed) and 4 (Self Employed over £5435) National Insurance, but you won't be paying some of the gross figures that some people are talking about above.
Hope this helps, and remember they're only rough figures. Even claiming £20 a week petrol would help your case and I fully suggest getting an accountant to sort out the discrepancies between your self employed/employed positions. Also, for your income, you'll only be paying £50 - £100 for an accountant per year, but they'll save you that amount in tax alone. |
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Veritas
 |
It depends whether you have any unused tax allowances, and what your marginal rate of tax is. If you are already paying 40%, (the top rate) all of your additional net chargeable income will be subject to 40% plus additional NHI. As you are self employed you might be eligible to deduct some business expenses. It you had said what your other earnings were, and what tax allowances you have, I could have been a lot more accurate. |
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suerye
 |
Your 'employer' cannot require that you become self employed! Whether or not you are slef employed is a matter of fact - can you send someone else to do the job? can you make a loss? are you risking your own capital? do you have to put things right in your own time if you mess up?
Some employers will try and say that someone is self employed so they dont have to pay holiday pay, sick pay or maternity pay, etc and also they can get rid of you at any time. I would square this arrnagement with HMRC before I entered into what appears to be a dodgy arrangement. |
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revalsaki
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What is the self employed job? The guy above was a good answer so I won't repeat that but depending on what you do and what you can claim back it is possible to bring the profit down quite substantially. I'm fully s/e now but for the year I was both I ended up getting a refund cos the business start up costs were such I was able to offset against my PAYE tax.
It is definitely advisable to seek advice as to what you can and can't claim back - email me at revalsaki@hotmail.co.uk if you want a hand. |
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Nick B
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If you get a good accountant, next to nothing on £200 a week.
The lad who gave you the exact figures was spot on, but no self employed person pays the full amount.
You can offset so many things as expenses, you can end up with the tax man owing you money! |
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Sarah C
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It can be as much as 50?% of what you are earning, i had to stop being self employed as the other job was making my wages huge but the tax and other bits and pieces were leaving me with less than before. |
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Bob P
 |
The self employed are taxed at 35%, regardless of other incomes. This was enacted about 9 years ago.
The idea was to circumvent the tax evasion loophole, where the self employed person became a partner in a company, paying, say £100 per week, + minimum Social security (the balnce would be paid as a rolling dividend at 22% tax).
To be quite honest self employment at £200 per week is just not worth the effort! |
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ξήĢŁĭŞĦ ŗǾşξ ©® ღஐღ
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25% of all you earn less expenses on your second job .. unless it changed in the budget yesterday |
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