Declaring a second income

4 replies

MakeMineALarge1 · 15/12/2021 07:52

Apologies if this is in the wrong place

I am about to take on a 2nd role as a vaccinator, I have a PT substantive post in the NHS, this will be a 2nd job and I will be employed on a Self Employed basis and as such will have to declare this income (no issues on doing this )

I want to make sure I do it right, don't want to get landed with a massive bill that outweighs the purpose of doing more work, ie to save up.

How easy is it to declare a 2nd income?

OP posts:

mayblossominapril · 15/12/2021 07:57

IF you are going to earn less than £1000 don’t do anything
If more and doing on a self employed basis you need to register as self employed with hmrc and do a tax return. It isn’t difficult the online system calculates your tax and ni
Tax returns are easy and if you get stuck you can ring up the helpline. There are lots of webinars and other resources to explain what you can claim as expenses on hmrc website

MaskingForIt · 15/12/2021 07:57

Pretty easy, you just need to do Self-Assessment tax through HMRC. I have to do it because I let out the property I bought before I was married.

Aprilx · 15/12/2021 07:58

Why would you think that you would be landed with a massive bill that outweighs the purpose of doing more work? Tax is proportional, 20% maybe 40% so it would be numerically impossible for you to have a bigger bill than income.

You need to register with HMRC as self employed within three months of starting the work. You then need to complete self assessment and pay your tax over. Put it aside into a savings account as you go along might be a good idea,

Original poster

MakeMineALarge1 · 15/12/2021 09:07

@Aprilx

I don't know, just heard horror stories about massive bills, but if I save what I earn and then declare it should be ok

OP posts:

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