Tax and teaching advice

[carthorse]

Does anyone work full time and teach how do you go about tax. Would only amount to about £500 a year earnings as only 2 PC camps and a couple of rallies. Do you set up a business and claim expenses and costs against it. Or just pay full tax and how do you do that as normal job PAYE. Or not bother to do it. I take holiday from work to do camp.

 

[Tempi]

I work full time and i'm registered self employed.

I filled out a CF10 form so I dont pay NI again (as my self employed earnings will be low). I actually dont anticipate paying any tax either when it comes to filing my return as my net monthly profit is only around £300 if that.

Anything to do with my self employed 'role' I keep - so any advertising (I have my own website, and also I advertise on our local horse internet site) those costs I keep all the information and reciepts for payment and they will be reclaimed back, also any courses that I go on (i have to attend refresher courses for first aid, teaching etc) they all get kept to be reclaimed aswell.

I do my own accounts on a spreadsheet each month. I keep a diary of all my lessons, and have an invoice book for any services that I provide (ie clipping and the odd turnout/catch in etc).

Im a bookkeeper so its easy for me to keep on top of everything as its my job!!

 

[carthorse]

Thank you. I think we need to do that. I am sure with petrol costs and clipper blade sharpening (only do a couple of friends) and first aid etc the tax would be nil It is just not having done it before it is a pain.

 

[Kat]

If you register with HMRC as having a self employed income as well as a job they will send you a tax return. You need to keep records of your income and expenses from your self employed work and use these to complete the tax return.

DH used to do this and the tax return is very simple if you just have a small self employed income, especially if you do the form online. You can also ask them to collect any tax you owe in your PAYE for the following year.