2006-07-22 22:59:48 · 8 answers · asked by Guy R 1 in Business & Finance ➔ Careers & Employment
The PAYE (Pay As You Earn) system means your National Insurance and Tax etc get deducted proportionatly to the hours you work. It gets taken out of your paycheck and paid straight to the Tax office. This is called Class 1 contributions.
Self employed etc pay the Inland Revenue direct for their work by paying class 2 contributions. At the end of each year, they complete a Self Assesment form to find out much they have to pay.
You can be self employed and pay class 2 at the same time as being employed and paying class 1. All you do is tell the Inland Revenue (Number in the phone book) that you will be doing it and they will sort it.
One more thing; You don't even need to tell your employer that you are working for yourself. He has no obligation to know unless there is a clause which says so in your employment contract.
Being self employed, wether also employed or not can be tricky. Do what I did and take any advice they give you as to what to do.
2006-07-23 07:51:56 · answer #1 · answered by Anonymous · 9⤊ 2⤋
P.A.Y.E is where your tax & N.I is taken out of your wages before you receive them, self employed people have to pay their own tax and N.I so you cannot be both you have to be one or the other
2006-07-22 23:04:30 · answer #2 · answered by madamspud169 5 · 0⤊ 0⤋
You are not strictly self employed but you can run a business alongside your main employment.
This page should tell you all you need to know.
http://www.hmrc.gov.uk/individuals/index.shtml
2006-07-22 23:25:13 · answer #3 · answered by kipp[axkid 3 · 0⤊ 0⤋
Why do you imagine that we are on different boats. No, all of us are crusing on a similar ocean interior of a similar boat yet regrettably our options, moves, desires, acts, desires thoughts, and deeds are different. you comprehend why?coz we are egocentric and stay for self purely, we can not care of others, we like ourselves purely and under no circumstances all. Its why the boat is an similar yet we are different. thanks.
2016-11-25 19:34:21 · answer #4 · answered by noyola 4 · 0⤊ 0⤋
check the govt and the inland revenue web sites
2006-07-22 23:08:53 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes of course..... talk to your local tax office and they will tell you what you need to do.
2006-07-22 23:03:14 · answer #6 · answered by Violent and bored 4 · 0⤊ 0⤋
it will cause you many problems!
2006-07-22 23:05:13 · answer #7 · answered by atc,uk 2 · 0⤊ 0⤋
no
2006-07-22 23:02:39 · answer #8 · answered by Anonymous · 0⤊ 0⤋