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self employment and tax.

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
ok, so i know if you're self employed you have to declare yourself as such the the inland revenue.

but does anyone know the deal if you're self employed and also a full time student? and when you're no longer a student you'll be self employed, but also have a part time job.

i know it'll all depend on my income, but do i still declare myself as self employed?


so confusing.

Comments

  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    If you are self employed and a full time student you still have to declare yourself as self employed and pay tax like any normal person.

    Students pay the same amount of tax as anyone else, there are just certain exemptions if you are working in the holidays only. You need to inform the Inland Revenue and the Contributions Agency that you have commenced self employment and they will send you a very useful pack telling you what records you need to keep, and also send you the forms to pay your class 2 NICS

    It is very common to be self employed and also employed. You will pay PAYE tax on your earnings from employment, and your self employed income will be assessed after the end of the tax year, any tax owing from that will be dealt with under self assessment and paid in the following year in a couple of instalments.

    I hope this helps!

    Jools x
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    thank you!
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