Hello everyone,
Just wondered if anyone could help me out i've signed up with a company and i will be self employed and the tax bracket will be IR35 i've done a search on the net and the more i read the more confused i get, some pages say its a hight tax bracket of 40%! so as you can imagine i'm woundering if its worth my while, i've not done any work for them yet hoping to start monday. I will be doing under 15 hours a wk and the pay is £6-£10 per hour depending on what time of day it is, its working on the phone. I'm going to call up the inland rev on monday but any advice in the time being would be appreciated
cheers, Caroline
By echo
Date 01.03.09 10:15 UTC
Are they putting you on emergency tax coding. You need to declare that you are self employed to the tax office and fill in a self assessment form every year. If you are subcontracted, that may be the issue here, you are still self employed and need to register as such. You may well pay too much tax until the end of the financial year in April but they you can claim it back. Worth while talking with the self employed help line as you will also need to pay National Insurance contributions unless you fall into the lower earnings limit.