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Tax advise

#1 udders

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Posted 03 January 2012 - 01:49 PM

Hello,

I have a tax question, I work full time as a web developer, but in my free time I also freelance (since April/May 2011). In the period of time since April/May 2011 to now I have made around £4k from freelancing. What I want to know is how do I go about paying tax on this money? Do I need to do self assessment online? If so what kind of details do I need to provide?

Also would I be liable to pay the tax in full, or can I pay it off monthly? Can anyone calculate how much tax I am looking at paying.

Many Thanks

#2 WBC

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Posted 03 January 2012 - 02:36 PM

Sounds like you have another year to go, current self assessment is for 2010-11. Have you registered as a sole trader?

#3 udders

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Posted 03 January 2012 - 02:40 PM

WBC, on 03 January 2012 - 02:36 PM, said:

Sounds like you have another year to go, current self assessment is for 2010-11. Have you registered as a sole trader?

Yes, but I never got any papers through the post.

#4 WBC

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Posted 03 January 2012 - 02:56 PM

So for 2011-12 you don't need to do a tax return till next year, depending on when in April you started trading. If in doubt give them a call.

I'm not sure how much you'll be taxed but normally for a second job I believe it's 20%