OK, here goes

You will be required to treat this as an earned income in the same way as your salary. You will be required to pay Class 2 & Class 4 NI and you won't be able to claim any exemption from Class 4 as you are over the threshold.

You can, however, offset any reasonable expenses you incurred when running your freelance business and these costs are offset against your top line income.

You can include such things as travel expenses @ 45p per mile if you are using your own car to travel, reasonable subsistance costs (lunch) and the costs of any materials etc that you have had to purchase sepcifically for that part of your business.

Theres a few other things you can look at too and a good accountant will fill you in on the rest. I'm just a humble IFA with a basic working knowledge of running their own business.

Hope this helps.

OTBC

Posted By: Newcastle Canary on September 14th 2011 at 11:30:23

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