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Freelancing on the side?
Hi there!
Its a bit of a boring one - tax. Im currently working for a design agency and have been offered a little bit of work by another - yay!!
Problem is that I dont know much about tax. I pay Paye through my current agency, so do i have an allowance for occasionally doing little bits of freelance work? Also worried if my company finds out just in case theyre not happpy about it. Is there a way I can pay the tax without having to start filling out my own tax forms or registering selfemplyed? If I have to start doing my own tax returns, surely my company will find out and I might lose my job. I dont want to turn down the extra work since im strapped for cash at the moment!
Any advice really welcome!!
R :confused:
Its a bit of a boring one - tax. Im currently working for a design agency and have been offered a little bit of work by another - yay!!
Problem is that I dont know much about tax. I pay Paye through my current agency, so do i have an allowance for occasionally doing little bits of freelance work? Also worried if my company finds out just in case theyre not happpy about it. Is there a way I can pay the tax without having to start filling out my own tax forms or registering selfemplyed? If I have to start doing my own tax returns, surely my company will find out and I might lose my job. I dont want to turn down the extra work since im strapped for cash at the moment!
Any advice really welcome!!
R :confused:
- Hi,
I am in exactly the same boat as you, have a full time job at an agency and have bits of freelance on the side.
Any advice from anyone with experience with this issue would be much appreciated!
Someone I know mentioned the possibility that you can earn up to a certain amount in a second job before you qualify for tax but i have no idea if that is true!!
lillynd - i read somewhere that you have to be making over 60k in turnover to worry about it.
maybe ask someone at business link.
i think you only pay tax on profit too.
depends if you want to go freelancing fulltime? - Hi
First off I would be honest about this to your employer, you want to avoid any uncomfortable situations later. There can be a conflict of interest if you end up working for two similar companies within two similar industries on a branding project.
Tax wise, you have to register as self employed, you pay tax on income over roughly £7,000 (This frequently changes year on year) I haven't done PAYE and Self Assessment at the same time but I think you can run both together as there is a section in the tax return form. You can claim reasonable expenses against the income you earn.
You can go down to your local Tax Office and they will take you through it.
Hope that helps.
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