paye & freelancing

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BrowneIssue replied

25 May 2009, 13:16
[/QUOTE]

Originally posted by ukblokester View Post

hello,

Oh, it's you again! Hello!

Originally posted by ukblokester View Post

not sure if my situation is common enough of not, however i am currently paying taxes via PAYE but i am also doing some freelancing.

Aha! So you got the contract gig. Well done.

Originally posted by ukblokester View Post

I am assuming I would need to pay taxes towards freelance work. can someone please suggest:

Get an accountant. Your situation is not straightforward since you are PAYEing and contracting.
Leave a comment:
dmini replied

24 May 2009, 21:40
Assuming you are for real.... which I am not certain

Threshold for tax is £.01 income - you have used your tax allowance on your permie job.
Expenses, NI etc all depend on your freelancer status, self employed, ltd co etc. You get an NI allowance per job, so if low levels of income you are exempt from that. However, if self employed you NEED to register with the NI people and HMRC within either 3 or 6 months - cannot remember which.

You will only be taxed at 40% if you are already on the 40% threshold, and operating paye / self employed for additional income.

TBH - talk to an accountant. You are going to have to fill in self assessment now - your affairs have just hit the complicated level. You haven't got the knowledge yourself - so you are going to need to find someone who can give you some advice.
Leave a comment:
ukblokester started a topic paye & freelancing

24 May 2009, 21:10
paye & freelancing

hello,
not sure if my situation is common enough of not, however i am currently paying taxes via PAYE but i am also doing some freelancing. I am assuming I would need to pay taxes towards freelance work. can someone please suggest:
* what is the threshhold after which i am taxed on the freelance income
* or will i be taxed at 40% on whatever i make as a freelancer.
* do i need to worry about the tax part if its nominal (as i have just started and dont know what i would make by the end of the financial year).

thanks for your ideas, links to the HMRC website would also be useful, i am searching around it as well at the moment.
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