I currently work full-time and am interested in starting to tutor students on evenings and weekends. Can anyone advice me on what I need to do regarding taxes and any other financial things that iIneed to sort for this additional self-employed part-time job? Any help would be greatly appreciated.
2007-05-04 01:41:47 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United Kingdom
Contact your local incometax office (HM Revenue & Customs)
Advise them you are starting a part-time business. They will arrange to send you a tax form on which you declare any income that has NOT been taxed, together with details of taxed income. Return this at the end of the financial year (within the dates given) & HM R & C will calculate any tax due.
Depending on the amount due, they may ask for payment or adjust your tax code for the following year.
2007-05-04 02:06:29 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Just get in contact with H M Customs - department for starting up a new business - they have a little form that you need to fill in and give back to them (or they can do it over the phone with you) you have to do this within the first three months of setting up your business. They will be able to tell you what happens after that but it will probably just be a case of making sure you fill in a tax return each year. You have to earn so much before you pay any tax -I set up on my own last year but do not have another job so may be slightly different for yourself.
2007-05-04 08:50:31 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Keep good records of your income and any related expenses. You'd show this on a schedule C or more likely C-EZ, then use a schedule SE to calculate self-employment taxes. The totals from the two schedules would go on a form 1040 along with your income from your job.
2007-05-04 11:27:03 · answer #3 · answered by Judy 7 · 0⤊ 0⤋