Jenna
28-03-2014, 05:55 PM
I was wondering what happens with tax and national insurance if your registered as self employed then take on a part time employed job. My account for last year came in around £7000 so I didn't pay any tax (my 1st yr childminding). Any advice would be great full. Thanks
Kiddleywinks
29-03-2014, 12:09 AM
No doubt you will be taxed automatically with your employed wages so:
Take your employed gross (before deductions)
Work out your childminding profit (income less expenses)
Add employed gross and cm profit together
Deduct your taxable allowance
Whatever is left is taxable @20%
From your payslips, you will be able to find out how much tax you have already paid
Deduct tax already paid from the taxable amount due
If you have underpaid, you pay the difference
If you have overpaid, you should be able to get a refund or I think you can leave it 'on account'