Pages in topic: < [1 2] | A few questions about starting out Thread poster: clairetransl (X)
| Ty Kendall United Kingdom Local time: 09:10 Hebrew to English
clairemcn wrote: How do the Class 2s work? They send you a bill in the post every few months and you pay them by bank transfer...? Yep, that's how I've done it so far....but you can arrange for them to be taken by direct debit. I'll probably end up doing that eventually when I tire of schlepping to the bank to pay them. | | |
Claire, Looks to me like, at least this first year, you'd be better off with an accountant doing your return. I was investigated once over a capital gains error and, trust me, better to pay a few quid to start with than go through that! | | | Ty Kendall United Kingdom Local time: 09:10 Hebrew to English I know.......and another useful link. | Jan 14, 2013 |
Thanks Skallagrimson I know the link, but I just wasn't sure how it would work with being both PAYE-employed and self-employed. If you have 2 PAYE jobs then the system is designed to treat one job as your main employment (against which your personal allowances will be given in full) and the other jobs as secondary (which are taxed in full at 20%). However, I finally managed to find the relevant page about this issue on the HMRC website: http://www.hmrc.gov.uk/working/intro/employed-selfemployed.htm "If you earn income from both employment and self-employment then you pay any Income Tax and National Insurance contributions due separately and in different ways....." Basically they say that in the situation of being employed and self-employed at the same time, then you will just enter your employed income and deductions on your self assessment and then they will work out the rest. (i.e. thresholds are based on your combined income and deductions will take into account those already deducted by PAYE). | | | Egils Grikis United Kingdom Local time: 09:10 Russian to Latvian + ... the situation of being employed and self-employed at the same time | Jan 14, 2013 |
FreeAgent – Accounting for Humans will help in this situation [of being employed and self-employed at the same time] too http://fre.ag/41a6bmhz Self Assessment form is included, amounts just "will pop in". It will take minute to complete and submit it to HMRC. Ty Kendall wrote: Thanks Skallagrimson I know the link, but I just wasn't sure how it would work with being both PAYE-employed and self-employed. If you have 2 PAYE jobs then the system is designed to treat one job as your main employment (against which your personal allowances will be given in full) and the other jobs as secondary (which are taxed in full at 20%). However, I finally managed to find the relevant page about this issue on the HMRC website: http://www.hmrc.gov.uk/working/intro/employed-selfemployed.htm "If you earn income from both employment and self-employment then you pay any Income Tax and National Insurance contributions due separately and in different ways....." Basically they say that in the situation of being employed and self-employed at the same time, then you will just enter your employed income and deductions on your self assessment and then they will work out the rest. (i.e. thresholds are based on your combined income and deductions will take into account those already deducted by PAYE). | |
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clairetransl (X) United Kingdom Local time: 09:10 French to English + ... TOPIC STARTER
Susanna Garcia wrote: Claire, Looks to me like, at least this first year, you'd be better off with an accountant doing your return. I was investigated once over a capital gains error and, trust me, better to pay a few quid to start with than go through that! Really? I don't plan to earn much as a self-employed translator this tax year. I just wanted to get set up asap so then when I do return to the UK, I can really get going. I'm in Spain at the moment and in no financial position to pay an accountant. I'm expecting a tax refund for this tax year, since I only worked in the UK for part of the tax year and am paying Spanish tax on the little (and it is very little) I'm earning here. I expect that if I do get freelance work, it will only be a few jobs. I'm over here preparing for the DELE C2 exam and working part-time to support myself, so I don't have the amount of free time I expect to have from June onwards to really work on translation. Perhaps I should just wait until April and register then? That's what I originally planned to do, but then I thought I could be making mountains out of molehills and that it wouldn't be that complicated. Hmmm! | | | Egils Grikis United Kingdom Local time: 09:10 Russian to Latvian + ... Self-assessment checklist for contractors and freelancers | Jan 14, 2013 |
Self-assessment checklist for contractors and freelancers Emily Coltman, chief accountant at FreeAgent, has published two useful self-assessment checklists – aimed at limited company contractors and freelancers. Given that ‘flexible’ workers operate via a number of different business models – sole traderships and partnerships (favoured by freelancers), and limited companies (professional contractors) – each guide has been tailored to the requirements of... See more Self-assessment checklist for contractors and freelancers Emily Coltman, chief accountant at FreeAgent, has published two useful self-assessment checklists – aimed at limited company contractors and freelancers. Given that ‘flexible’ workers operate via a number of different business models – sole traderships and partnerships (favoured by freelancers), and limited companies (professional contractors) – each guide has been tailored to the requirements of each structure. http://www.companybug.co.uk/self-assessment-checklist-for-contractors-and-freelancers/ clairemcn wrote: Susanna Garcia wrote: Claire, Looks to me like, at least this first year, you'd be better off with an accountant doing your return. I was investigated once over a capital gains error and, trust me, better to pay a few quid to start with than go through that! Really? I don't plan to earn much as a self-employed translator this tax year. I just wanted to get set up asap so then when I do return to the UK, I can really get going. I'm in Spain at the moment and in no financial position to pay an accountant. I'm expecting a tax refund for this tax year, since I only worked in the UK for part of the tax year and am paying Spanish tax on the little (and it is very little) I'm earning here. I expect that if I do get freelance work, it will only be a few jobs. I'm over here preparing for the DELE C2 exam and working part-time to support myself, so I don't have the amount of free time I expect to have from June onwards to really work on translation. Perhaps I should just wait until April and register then? That's what I originally planned to do, but then I thought I could be making mountains out of molehills and that it wouldn't be that complicated. Hmmm! ▲ Collapse | | | Pages in topic: < [1 2] | There is no moderator assigned specifically to this forum. To report site rules violations or get help, please contact site staff » A few questions about starting out CafeTran Espresso | You've never met a CAT tool this clever!
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