smithgd
21st Nov 2007, 17:00
I'm looking into becoming a part time FI and I have a few questions. Having tried searching I'd be greatful if someone could point me in the right direction!
How does the tax man view this second job?
Do you work freelance or just as an empoyee?
Can you work part time for more than one club at the same time?
cheers
smithgd
Pieman007
21st Nov 2007, 18:08
Depends on how you want to be paid or how they want to pay you.
1. Go self employed, pocket all the money and declare it with a self assessment form after each April ( taxed as an employee though i think so 25% ish in total) but depends on your full-time salary (40% bracket etc)
2. Start a company (not as bad as it sounds) and invoice the school (would recommend an accountant to sort out your year end financials though). Receive tax relief on expenses (headsets, charts).
3. Have the school run it through their PAYE system (taxed at source).
Adv and disAdv to all 3 but depends on your circumstances.
Currently I do 2, but I use the company for other purposes also.
I wouldnt work for more than 1 school at any one time, try to find one with lots of students though.