TAX

[LB_EnterprisesUK]

If I have two jobs and run my own business how does tax and NI work? Will it get split between all 3? and will I have to tell my employers?
I know I have to tell HMRC but do my employers need to know about my other job and business?

 

[Scalloway]

If you don't want to let your first employer to suspect you have a second job you would be best to have your whole wage for the second job taxed at basic rate. If your earnings on either job exceed £155 you will pay NI. Ni is payable per employment, not on total income.

If you are self employed all your income will be totalled and you will pay tax on the total. If your total self employed income is over £8,060 you will pay Class 2 and Class 4 NI.