Understanding self employment

[Beyondbeliefsometimes]

I'm hoping for some guidance and help from those who may understand more than me. Hopefully even a nudge to the correct websites to look up.
I currently work full time NHS but have been offered 4 hours a week self employed. I'm trying to work out if this is financially worth it.
I earn 50k a year already and will be earning 58k pro rata for the private work.
I have looked up my indemnity insurance (about £8 a month).
What I don't know, is at end of year do I have to submitted my self employed earnings.. To who.. As second job is taxes more.. NI more.. Anything I am not thinking about?

There is potential of more hours going forward, hoping to gain up to 8 extra hours a week. It is short term on a project.

You do a Tax Return online
Goggle it

I don’t think it’s as simple as doing a tax return, though you will need to do this. You would also need to think about national insurance payments. I know they come into a different category for self employed people but don’t know how it works if you are an employee but also do self employed work.

You pay these through your tax return also. Class 2 and 4 for SE.

it is as simple as a tax return, it automatically calculates the NI and tax due when you put figures in; as OP is already on about 50K her new self employment may take into higher rate tax, as OP has used personal allowance already the extra money will all be taxed, it is not a higher rate than if employed just that there is no personal allowance left,
the national insurance on the self employed part will also be calculated by HMRC online. With self employment there maybe some expenses you will be able to claim like if the 8 hours per week are at home there is a small allowance for heating that portion of house etc, HMRC have several video tutorials to help you get it right

You will need to file an online Tax Return, only a short one will be required, keep any paperwork showing the self employed income, then keep a note of any expenses eg insurance, petrol, clothing, phone etc, then you deduct this from the income and in the Tax Return you enter the net amount. Whether it’s financially worth it, you already know what rate of tax and NI you are going to pay. Once you’ve submitted the Tax Return online, you get notified how much Tax/NI you will have to pay and when.

Thanks everyone, it sounds simple enough. I will look up those videos and they will hopefully be self explanatory. Am I right in that you submitt a tax return end of year and then you get the bill. You don't pay as you go along?

for the financial year 6th april 2023 to 5th april 2024 you need to submit tax return by 31st january 2025, your tax and NI will be calculated on this basis and you will have a payment to make by 31 jan and next instalemnt on 31st july 2025 this will include a payment on account for this tax year basedon last tax year

You tell HMRC you have become self-employed and the start date. You then file online tax returns and include the figures from your employed role and also your self-employed earnings. There will be separate sections for each.

Don't forget that once self-employed you don't pay tax on your total self-employed income. You will only pay tax on profits after you have deducted all your allowable expenses. You can use part of your home as an office, for instance and recover a % proportion of those costs as expenses for light, heat, council tax, buildings & contents insurance, phone & broadband costs and so on.

They will then automatically calculate any additional tax due over and above what you have already paid.

How short term is it? So you'll be on about £28 per hour if I've done my maths right. Remember you don't need to declare it if it's under £1000 of self-employed income (each year) - otherwise everyone would be doing a tax return for selling a few things on Ebay etc. So if you started straightaway, because we're now quite close to the end of the tax year you'd have to work 35 hours between now and the end of March, at £28/hour, to hit that £1000.

Also note that the self employment income that you're taxed on is just your profit. If you earn £1000 but spend £50 on materials to do the job then for tax purposes you've earned £950. The self-assessment form gives you a box to record this.