Paying tax when in full-time employment and doing some buying/selling

Discussion in 'Money, Accounts & Finance' started by TheGreenFlag, Aug 11, 2016.

  1. TheGreenFlag

    TheGreenFlag

    Joined:
    Jul 18, 2006
    Messages:
    69
    Hi guys

    Looking for a bit advice here...

    I'm in full-time employment with a company in my industry and working the usual 40hrs per week for them.

    On the side I was thinking off doing a bit of buying, refurb'ing then selling using the skills I have from my career, making a few extra pounds on the side.

    What is the implications of being in full-time employment, and "self-employed" at the same time? How would tax returns etc work for the self-employed part? Would it just be separated from the tax and NI contributions by employers make?

    Any advice greatly appreciated.

    Best regards - TGF
  2. beacon hill

    beacon hill

    Joined:
    Jun 28, 2010
    Messages:
    1,861
    I would pop in to see an accountant.
    Many will offer a free consultation to get you started
  3. Your Business Community

    Your Business Community

    Joined:
    May 5, 2015
    Messages:
    44
    Seeing an accountant is a good idea, but, you will need to register for self employment (see here) and do an annual return and pay additional tax on profit accordingly.

    Please bare in mind additional things like business insurance and health & safety requirement/regulations (dependant on what you are doing).
    Cody likes this.
  4. TheDevil

    TheDevil

    Joined:
    Oct 27, 2009
    Messages:
    4,962
    Hello,

    As above, seeing an accountant would be the best bet.
    However you will need to register as self employed as well, this is something you can do in the short-term.

    Thanks

    Alan
  5. Mark Partridge

    Mark Partridge

    Joined:
    Dec 12, 2015
    Messages:
    4
    Your self employed income would come into your tax return along with your employee income. After your personal allowance was taken off (£11,000) you would be taxed on that amount up to the basic rate limit at 20% then at 40%.
    Once the tax has been calculated you would deduct what has already been paid by your employer and then pay the remainder to HMRC

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