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Advice needed (UK People)

Discussion in 'Business & Tax Advice' started by TheArticleMan, May 10, 2015.

  1. TheArticleMan

    TheArticleMan Power Member

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    Hey guys,

    I was just wondering what the process and calculations needed for the following tax situation:

    If you are working full time with a salary so meaning tax is already deducted by employer.
    While also being self-employed and earning a profit online.

    How would you calculate the amount of tax you need to pay for your online earnings and which forms would you need to fill out? I'm sure there are people in this situation and know the course of action to take?

    Please no posts with "ask an accountant". I'm just posting to see members advice.

    Cheers guys!
     
  2. archon10

    archon10 BANNED BANNED

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    Does TurboTax support your country? I do the same thing most years and TurboTax calculates it for you.
     
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  3. TheArticleMan

    TheArticleMan Power Member

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    There is not a UK version of that unfortunately :(.

    Thanks for the idea though!
     
  4. blackjack

    blackjack Regular Member

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    You will need to register with HMRC for self assesment as you have income other than your job which is not taxed at source.. Depending on your profit from your online, sometime HMRC will adjust your tax code for your job to collect the tax for your online profit.

    You pay tax on on your total taxable income (after deducting all allowable expenses) regardless of how your earn it.

    HMRC will add up all your taxable income, deduct your tax allowance, then tax according to what is left.
     
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  5. myopic1

    myopic1 Regular Member

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    Last edited: May 10, 2015