Form 11e

J

johnmm

Guest
Hi,
I currently work full time in one company. and I also do the web design business in my part time.
I have some problems about form 11e.
1. I have paid VAT last year, should I pay the income tax as well?
2. In the Form 11e, what's PAYE? Should I need to fill in my full time job PAYE?

Thank you very much!!!
 
You will need to register as self-employed and prepare accounts and pay income tax on your profits.

You will need to complete a Form 11.

When did you commence your self-employment?
 
HI Domo,
Thank you for your reply.
I just registered self-employee last October

Now I got the form 11e to fill in.

Question is
1. I have paid VAT bi monthly already. If I fill in the form 11e, it seems to ask me to pay tax again.
2. I got my p60, but I think my working company paid the tax for me already. If I fill in the PAYE section, it seems to ask me to pay tax as well

???
 
VAT is a tax on your sales over purchases for your business. Income tax is paid on the profit you made in your self employed business and VAT is a different and seperate tax.

Your P60 should show the tax you paid, once you enter this, presuming that your employer has calculated it properly, it is only the profit from your self employed business that Income Tax is paid on
 
You must log in or register to reply here.
Back
Top