| 2nd Job - tax query on 10:12 - Jun 5 with 3356 views | WokingR |
It's very simple to register on Gov.Uk as needing to complete a tax return.
As the only thing that is changing is that you are earning some untaxed income, the actual will be quite straight forward and shouldn't require any help from an accountant.
I usually find the anticipation of having to complete the return far worse than actually doing it. |  | |  |
| 2nd Job - tax query on 10:15 - Jun 5 with 3341 views | CroydonCaptJack |
It should be reasonably straightforward but you would need to fill in a tax return and pay tax on the second income.. The rate of tax you would pay on the second job would depend on whether your total income less allowances were in the higher rate tax band. From memory this year I think it is anything over just shy of £38k takes you into the 40% bracket. |  | | |
| 2nd Job - tax query on 10:34 - Jun 5 with 3319 views | paulhoop2 |
Just keep schtum that amount will not be worth tax man chasing you |  |
| |
| 2nd Job - tax query on 10:44 - Jun 5 with 3302 views | toboboly |
| 2nd Job - tax query on 10:15 - Jun 5 by CroydonCaptJack |
It should be reasonably straightforward but you would need to fill in a tax return and pay tax on the second income.. The rate of tax you would pay on the second job would depend on whether your total income less allowances were in the higher rate tax band. From memory this year I think it is anything over just shy of £38k takes you into the 40% bracket. |
Ah, thank you, that is worth taking into account to see whether the 2nd job is worth doing. |  |
| Sexy Asian dwarves wanted. |
| |
| 2nd Job - tax query on 10:45 - Jun 5 with 3298 views | toboboly |
| 2nd Job - tax query on 10:34 - Jun 5 by paulhoop2 |
Just keep schtum that amount will not be worth tax man chasing you |
A tempting thought but knowing my luck they wouldn't treat me like an MP. | |
| Sexy Asian dwarves wanted. |
| |
| 2nd Job - tax query on 12:53 - Jun 5 with 3175 views | kensalriser |
Higher rate starts at just over £50k, including the personal allowance.
You can claim various expenses for self-employed income, ie any necessary expenses you've laid out including per diems if you're working away from home, but not including commuting costs. Accountant should cost a few hundred per year and might save you their fee even at the sort of income you're quoting. |  |
| |
| 2nd Job - tax query on 15:19 - Jun 5 with 3043 views | derbyhoop |
Make sure you keep comprehensive records of both earnings and expenditure.
Claim for every expense. Tax man may not check.
Then your tax return should be straightforward.
Don't take the p1ss with expenses. |  |
| "Travel is fatal to prejudice, bigotry and narrow-mindedness, and many of our people need it sorely on these accounts. Broad, wholesome, charitable views of men and things cannot be acquired by vegetating in one little corner of the Earth all one's lifetime." (Mark Twain)
Find me on twitter @derbyhoop and now on Bluesky |
| |
| 2nd Job - tax query on 16:17 - Jun 5 with 2970 views | toboboly |
| 2nd Job - tax query on 15:19 - Jun 5 by derbyhoop |
Make sure you keep comprehensive records of both earnings and expenditure.
Claim for every expense. Tax man may not check.
Then your tax return should be straightforward.
Don't take the p1ss with expenses. |
Cheers, it would involve working from home so no expenses would be involved as far as I am aware. | |
| Sexy Asian dwarves wanted. |
| |
Login to get fewer ads
| 2nd Job - tax query on 16:30 - Jun 5 with 2946 views | CroydonCaptJack |
| 2nd Job - tax query on 12:53 - Jun 5 by kensalriser |
Higher rate starts at just over £50k, including the personal allowance.
You can claim various expenses for self-employed income, ie any necessary expenses you've laid out including per diems if you're working away from home, but not including commuting costs. Accountant should cost a few hundred per year and might save you their fee even at the sort of income you're quoting. |
Yes my 38k was after allowances. Apologies, I should have clarified that.
The rate of tax you pay will rely on your marginal rate. So if you are on £50k with no benefits in kind (car, health etc) then anything over that will be at the higher rate. [Post edited 5 Jun 2023 16:34]
| | | |
| 2nd Job - tax query on 17:41 - Jun 5 with 2865 views | stevec |
| 2nd Job - tax query on 16:30 - Jun 5 by CroydonCaptJack |
Yes my 38k was after allowances. Apologies, I should have clarified that.
The rate of tax you pay will rely on your marginal rate. So if you are on £50k with no benefits in kind (car, health etc) then anything over that will be at the higher rate. [Post edited 5 Jun 2023 16:34]
|
Yeah, roughly speaking it sounds like your first job takes you into the 20% income tax bracket so you will only pay 20% income tax on your second job until your cumulative earnings go above £50,000. Then the 40% rate kicks in on earnings above that.
National insurance on your 2nd job, I’m not so sure how that will work. As mentioned earlier, it doesn’t sound like it’s a complicated set up so an accountant should charge you somewhere between £250 and £500 to complete an annual return and put you right on any vagaries. |  | | |
| 2nd Job - tax query on 21:44 - Jun 5 with 2722 views | kensalriser |
| 2nd Job - tax query on 16:17 - Jun 5 by toboboly |
Cheers, it would involve working from home so no expenses would be involved as far as I am aware. |
Well, there's an amount for use of home for starters. And what about stationery, IT expenses, phone, books, journals, travel to meetings etc etc. | |
| |
| 2nd Job - tax query on 18:21 - Jun 6 with 2538 views | LunarJetman |
| 2nd Job - tax query on 21:44 - Jun 5 by kensalriser |
Well, there's an amount for use of home for starters. And what about stationery, IT expenses, phone, books, journals, travel to meetings etc etc. |
Electricity to power everything? Heat? |  | | |
| |
By continuing to use the site, you agree to our use of cookies and to abide by our Terms and Conditions.
