Freelance Taxes (UK)

gilesruscoe

Just started working on my first proper freelance gig (ie, not pocket change for payment...) and id like to ask how you guys go about sorting out taxes for stuff like this? Never had to deal with taxes before so any info/links would be really helpful cheers!

gilesruscoe

Thanks Teejay that was pretty handy. I'll look into the links. I was speaking to somebody though and they said that as a student i may not have to pay taxes because it's not a full time job? I'm not sure how true this is though.

rb2610

I dunno about self employment, but for normal employment as a student I think you only pay National Insurance, not Income Tax (up to a certain threshold, of course if you're earning like £20k a year off a part time job or something as a student, you're a) damn lucky and b) probably gonna have to pay tax)

It's all in the first link TeeJay posted though.

Ruz

well you won't pay any tax at all until you have earned 10,000 pounds which is your personal tax allowance.

Ruz

was aorund 8, not sure if it has gone up to 10, they were taking about it

rb2610

Another thing on NI, (at least when not self-employed, so it may be different for you) is that you don't pay it for the first £140ish you earn per week (or whatever the amount is per month).

almighty_gir

Ruz wrote: »

well you won't pay any tax at all until you have earned 10,000 pounds which is your personal tax allowance.

that's NEXT year. for this tax year it's £8,400 (or there abouts).

Ruz

oh next year ok - that's still good news anyway
currently it's £8,105