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- Jul 27, 2016
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Hello,
I am currently working a part-time job which pays just under the personal allowance threshold, so is not taxable. However I soon plan to become a Sole Trader and trade in my spare time. I expect my SoleTrader income to be higher than the personal allowance and thus will be taxable by law. How will my taxes be paid? Will I have to submit my income to HMRC every year for the income of my SoleTrader "business", and then be taxed on that income but not my part time job. Or will I have to submit my total earnings, including my part time job to HMRC and be taxed on my income as a whole. The reason I ask is that as far as I understand it at the moment, my employer will deduct taxes from my payslip every month, will my employee need to then know about my SoleTrader income or am I to handle it all on my end?
Any help you can give will be greatly appreciated.
I am currently working a part-time job which pays just under the personal allowance threshold, so is not taxable. However I soon plan to become a Sole Trader and trade in my spare time. I expect my SoleTrader income to be higher than the personal allowance and thus will be taxable by law. How will my taxes be paid? Will I have to submit my income to HMRC every year for the income of my SoleTrader "business", and then be taxed on that income but not my part time job. Or will I have to submit my total earnings, including my part time job to HMRC and be taxed on my income as a whole. The reason I ask is that as far as I understand it at the moment, my employer will deduct taxes from my payslip every month, will my employee need to then know about my SoleTrader income or am I to handle it all on my end?
Any help you can give will be greatly appreciated.