To ask for advice on going self employed when also doing another job?

[Itsnotahoover]

I have a permanent weekend job which pays really well and which I don't want to leave. I have recently gone from doing 37 hours a week Monday to Friday as well, to doing 2 days in retail, which I absolutely hate! I have been offered work dog walking and, on doing some research, I've realised there is no service like this offered in my village, so I am seriously thinking about going self employed doing this. Realistically, I only need to be bringing in another £100 a week on top of my weekend earnings, so to unrealistic, but not sure how it works when I've already got a job?

I know this isn't really an AIBU but this forum gets most traffic! Can anyone in a similar position advise? How does this work re tax returns and tax credits etc?

[Itsnotahoover]

*not too!

Damn ipad lol

[foxache]

I used to work weekends in retail on PAYE and was also self-employed. It was fine, you have to call HMRC to register for self assessment, and do a tax return. I think there's a part where you say where else you pay tax, they'll only tax your self-employed stuff and you continue with PAYE.

Tax credits are a bit more complicated I think - I'm trying to go f/t self employed and have to work it out. They said not to ask them until seven days before I start though, and then I'd have to say how many hours I'd be working and give an idea of what I'd earn.

The HMRC website is good for info.

[Itsnotahoover]

This is what I'm getting confused about lol I've been offered 10 hours a week at £10 an hour so would be able to draw up a contract for that so would know how much I would be getting until I get more clients.

[foxache]

That might make it easier? Having a fixed amount to start with. Maybe call TC with this info, and go from there. It's 16 or 24 hours to qualify for WTC, depending if you're a lone parent or in a couple, and they'll take income into account.

There's a self-employed topic on here which is good, I must go there as well.

[Itsnotahoover]

Thanks, have posted in self employed section as well :)

[KobayashiMaru]

yabu.

[tabulahrasa]

You do an estimate for tax credits and then tell them what you've actually done afterwards.

[Bossybritches22]

I'm both S/E & have been employed at various times to & do dog walking, PM me if you want some more pointers.

[Itsnotahoover]

Thanks KobayashiMaru, that was helpful You will see I have now posted in the correct forum so please feel free not to read...

Thanks to all the people who have offered advice :) I will pm you Bossybritches22 :)

[Itsnotahoover]

The other thing I'm wondering about is will I need some kind of insurance?

[GailTheGoldfish]

Might be worth getting a couple of extra hours if you need £100 per week as don't forget you will be liable for your own tax and NI as a SE person if you are earning over about £7000, but just ring HMRC and they will give you all the advice you need.

[GailTheGoldfish]

And yes, I would certainly look into insuring yourself, you never know what could happen!

[flow4]

I've done it, and tbh, it was the best period of my 30 year working life. You get the stability of a steady income and the flexibility of self-employment - the best of both worlds!

Tax credits are fine. You do have to be a bit careful, or (a) they get confused, and (b) you can end up having to pay them money back. To avoid (a) say the words 'self employed' every time you speak to them! To avoid (b), I suggest you slightly over-estimate your earnings, then you will get slightly lower TCs throughout the year, then a nice 'bonus' after you do your tax return and confirm you actual final income. :)

[Itsnotahoover]

Flow4 that makes sense! Was wondering how to work out income for tax credits but underestimating seems sensible!

I've looked at insurance online with a company called Cliverton and it's about £110 a year for public liability, loss of keys plus a load of other stuff, so that doesn't seem too bad!

[flow4]

And don't forget that your insurance is a business expense, so tax deductible!