Declaring 'self employed' income?

[Gene9]

Hi, I've been a PA all my working life really. Left my job for personal reasons about 5 months ago.

Just landed a new role, lovely position as a PA, really happy. Not self employed.

Thing is, I've landed myself a very nice little money earner online... I signed up two weeks ago for fun and so far I've brought in a lot

I'm scared - I know I need to declare this as two incomes so how do I go about doing this? I'm clueless

The online thing is very dependant on me, if I didn't use it that week I'd get £0. What I actually get from doing it can vary differently, apparently.

With all this in mind, how do I tell (whoever I need to tell), about my earning amount since it can be anything from £0 up.

Thank you

www.gov.uk/log-in-file-self-assessment-tax-return

Make sure you keep records

You don't need to do anything until next December though apart from keep records as this tax year doesn't finish til April

Just keep detailed records and fill in a self assessment at the end of the year you earned in - sounds like you started this year after April so it'll be 2016/17 - you can do the tax return anytime after April 2017 and the deadline to pay is January 2018.
As you will be getting your allowance from your paye job you will need to pay 20% of your online earnings in tax so keep that aside in a savings account.

This all assumes no benefits. If you claim any benefits then I don't know how that works.

Yes, as pps say, you just need to keep records and fill in a tax return for self-assessment. I think you can register and they might send you reminders nearer the date, which would help.

Intrigued to know what the online stuff is as am looking to earn a bit extra myself.

Thanks so much for this thread and the replies - in the same position myself. Now feel as though I understand it a bit more

Btw mine isn't an online job earning £££ Just a little extra each month

I've been self employed. You inform HMRC about it and keep records. Don't spend it all at once, either, as you'll need to pay tax and National Insurance. I found TaxCalc very useful software for getting my entire return done (and copying details onto the next year's return, to save filling it in again).

What sort of records?

records are in what money you've brought in, anything you've had to spend for the job and keep receipts.

Paula can't HMRC argue that some of that said stuff is 'unnecessary'?

What is it you're doing online? I'm looking to earn some extra money so am curious!

If this sideline business becomes significant you may find that it is worth getting support from a local accountant to help with your tax return if you feel vulnerable of not doing the declaration right.

For now it seems to be manageable, but it wouldn't cost much and they can give you advice based on your financial situation

There are strict rules about "allowable expenses". Set yourself up a spreadsheet with income earned noted down each time. I put aside 50% for tax purposes into a separate account. Unless you are getting a significant amount you won't need to break it down on the self-assessment but will need to keep records in case they ask. It's all really straightforward.

If you stick to deducting things that you need for your job then you will be fine. It might be worth discussing with an account. its very simple. You just need to keep track of what comes in and what money goes out. Lots of good advice on the HMRC website too