Tax for employed & self employed person - help!

[SCG1]

Hi,
Would really appreciate some advice.

I currently work part time and am on the pay roll of my employer. My salary keeps me just under the 40% tax threshold, so I pay the lower rate of tax.

I have recently been offered some freelance work - where I will be paid by the day and won't be PAYE.

Over the next 6 motnhs, this will equate to about £6k, which will take my total annual earnings into the upper range of tax.

My question is: how will I be taxed?

WIll I continue to pay 20% on my 'core' PAYE job . . and then 40% on what I earn as a freelancer?

I would be very grateful for any advice!

Best regards,
S

[Williams lester]

If you are self employed you will need to inform HMRC, register for Class 2 NI and complete a self assessment tax return for the year.

[elainec100@cheapaccounting]

You need to register as self employed, complete a self assessment and pay tax on earnings above £37400 at higher rate

see here for info:

http://www.franklyaccounts.co.uk/gettingsole1.php