Are you self-employed or "limited company"?

[Frankie Crisp]

If I may threadjack please

 

I'm employed, but recently I've started doing a bit of work for friends. I want to be legit & pay tax, but not sure how to go about it. Is it the same as

This thread will be useful:

 

http://ukff.com/index.php?showtopic=123433...l=hmrc&st=0

 

Just register self-employed and do the same as everything else said in this thread and you'll be good.

[Bus Surfer]

If I may threadjack please

 

I'm employed, but recently I've started doing a bit of work for friends. I want to be legit & pay tax, but not sure how to go about it. Is it the same as just if I'm going self employed? What about the tax/NI I pay automatically through work?

 

Also what's the benefits of going into a Limited Company?

 

Know it's probably the wrong place to ask, and know that nothing is classed as financial advice, just curious

 

Any Tax/NI you pay through your employed job is seperate. (Although you will also need to enter your employment Pay and Tax figures on the tax return too)

 

Assuming you earn more tha

[Devon Malcolm]

The only thing I would add to the excellent advice from Piddlypants and Waterboy (bit like Japan in this thread) is something that Vito may not experience at all, but others in a similar situation may encounter.

 

We're about to start renting a new flat and we were told by our new estate agent that we had to have an accountant as we are both self employed to prove our earnings.

 

If you need to prove your earnings, ring HMRC and get your last 3 years worth of SA 302's sent to you (A tax calculation showing total income and tax paid for the year). Thats a credible enough piece of evidence without needing to pay for an accountant.

 

Thanks for that, that might be useful to know for future reference.