Childminding as a second job - can anyone advise re tax / NI etc

[fantus]

I recently qualified and registered as a childminder whilst on mat leave last year. At the time there was little interest so when my old job asked me to go back, whatever hours / days I wished, I took them up on their offer.

I now work 16 hours a week, and make my own appointments so can work whichever days suit me best. I have been approached by 2 seperate parents looking for a childminder 1 day a week, one starting in Jan and one in Feb. I am very interested but I'm not sure how it will affect things with it being a second job.

Can anyone advise me please? For example, if I was earning say £60 a week childminding, what NI would I be paying, how much would I declare for tax purposes and would I have to pay full tax? Also how this would affect any tax credits I receive? Lots of questions I know but I would really appreciate some info on this,

TIA

Is your other job PAYE; if so you just fill in a self assessment form each year

2 days worth of work means you might be eligible for NI exemption or you might not; I pay the voluntary stamp (maybe £10/11 a month) then a percentage of my turnover; you need to think about your percentages for the fixed costs (heating council tax etc) you use

There is lots of info on Business link or HMRC about setting up S/E

When I ran employed/Self-Employed I asked for my employed work to have my whole tax code so I usually got a tax rebate each year

Thanks Katy, yes my other job is PAYE, I currently earn approx £8500 per annum so paying very little tax. Am I right in thinking that I would pay 20% tax on my childminding earnings? Would this just be on my net profit after expenses? Also if I am already paying NI through my other job do I have to pay again?

Sorry, lots more questions again! I am just trying to work out if I would actually be earning any money after taking everything else into consideration including any drop in my tax credits, thanks

I childmind as a second job and just fill out a simple self assessment tax return every year like all childminders do.
Whatever tax is due from my childminding (approx. £1000 this year) is taken through my PAYE in my first job. The tax office adjusts my tax code and informs my employer accordingly.
It's great as it means I don't have to worry about saving up for a tax bill.
I just need to make sure that I retire from childminding before I retire from my first job so I don't get a big tax bill.