Self Assessment Help

[bananapringle]

Hi all,

I have a few questions about filing a self assessment for the first time.

I earned extra income whilst I was employed in tax year 16/17 so have registered as self employed and am due to file my SA this month.

I'm curious to know, I have already paid tax on the income I've earned from the employed job as I earned over the 11K threshold, but how does it work with this extra income? I have to input my total income from that year from the employed job along with the tax I've paid, fair enough & I earned about £800 from self employment. When i include those figures, does that count on top of the 11K threshold or is this separate?

Sorry if this is hard to understand im really confused on how to best describe it. Basically, am i likely to be paying tax on this £800 and if so, is there a rough indication on how much? i hear it's 20%?
Or is it considered separate to the money i've already been taxed on?

thanks!!

 

[Scalloway]

You enter your employment income and tax deducted on the Employment page of your self assessment.

You enter self employment income and expenses on the Self Employment page of your self assessment.

HMRC add up all income and deduct the £11,000 personal allowance to get the amount tax is charged on.

They calculate tax at 20% and deduct tax already paid through PAYE.

You pay the difference.

 

[bananapringle]

You enter your employment income and tax deducted on the Employment page of your self assessment.

You enter self employment income and expenses on the Self Employment page of your self assessment.

HMRC add up all income and deduct the £11,000 personal allowance to get the amount tax is charged on.

They calculate tax at 20% and deduct tax already paid through PAYE.

You pay the difference.

This is SO helpful! Thank you so much! And explained in simple terms, appreciate this a lot