self employed + full time job

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kris_hm
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Joined: 12 Jan 2011, 21:58
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Re: self employed + full time job

Post by kris_hm »

Hi,
Long story short:
At April company I was working for last 3 years gone bankrupt. Then I've registered as a Self Employed and worked for myself to approx mid of August. Then again start full time job.
My idea was to work full time but keep Self Employment open in case of any orders for sublimation in the future (probably not much but still)

Now the problem is:
1. I pay National Insurance form both (full time job and Self Employment)
2. I pay much too much TAX for my full time job !!

What would you advice?? Should I close Self Employment, fill tax refund for that April-August period, get Tax Code right for current job?? (but that way I will close my way to do any orders on my sublimation venture)

Or just live with high taxes and claim it end of the tax year??

or...???? I'm confused :P
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mrs maggot
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Re: self employed + full time job

Post by mrs maggot »

i would wrap up my self employed status, from the date i started my full time job, stop paying my NI contributions from the self employed side, and leave myself as employed - keep track of any orders you do that are NOT for presents or friends, and then you could always put those as "other income" on your tax. but most of all i would call the local tax office, as a newly relf registered person (ie this year) you are given your own person at the tax office who is there to guide you through, its a new initiative the government put in place - find out who yours is and call them
[CENTER][h=5]A dictionary is the only place where success comes before work[/h]Laura www.fatmaggot.com
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logobear
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Re: self employed + full time job

Post by logobear »

Keep self-employment but stop paying NI on grounds of low income.
Ride it out, and claim back any overpaid tax in due course
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