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kris_hm
15-11-2011, 02:52 PM
Hi,
Long story short:
At April company I was working for last 3 years gone bankrupt. Then I've registered as a Self Employed and worked for myself to approx mid of August. Then again start full time job.
My idea was to work full time but keep Self Employment open in case of any orders for sublimation in the future (probably not much but still)

Now the problem is:
1. I pay National Insurance form both (full time job and Self Employment)
2. I pay much too much TAX for my full time job !!

What would you advice?? Should I close Self Employment, fill tax refund for that April-August period, get Tax Code right for current job?? (but that way I will close my way to do any orders on my sublimation venture)

Or just live with high taxes and claim it end of the tax year??

or...???? I'm confused :P

mrs maggot
15-11-2011, 03:52 PM
i would wrap up my self employed status, from the date i started my full time job, stop paying my NI contributions from the self employed side, and leave myself as employed - keep track of any orders you do that are NOT for presents or friends, and then you could always put those as "other income" on your tax. but most of all i would call the local tax office, as a newly relf registered person (ie this year) you are given your own person at the tax office who is there to guide you through, its a new initiative the government put in place - find out who yours is and call them

Heatpressuk
22-10-2012, 07:17 PM
although a late post back: agreeable with stopping NI on self employed. What I would do is continue self employment and do a self tax return at the end of the year incorporating your salary. Basically if all your tax allowances etc is wrapped up in your main job all it means is you pay full whack on self employed tax return. However you can still claim all your taxable deductions. There is a fantastic program out there for all DIY and small LTD companies call DIYaccounting. From £25 you get all the necessary software to run your business and furthermore by filling in all the correct information it transfers this onto a self tax return ready to complete online. Hope this helps anyone!

logobear
23-10-2012, 01:01 AM
Keep self-employment but stop paying NI on grounds of low income.
Ride it out, and claim back any overpaid tax in due course