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<blockquote data-quote="ProDave" data-source="post: 385009" data-attributes="member: 6969"><p>Look up the fine for not declaring your income.</p><p></p><p>If you are employed and also self employed and only earn a little SE, then they usually just adjust your tax code to collect the tax due for SE.</p><p></p><p>Where it becomes a pain, is if you work SE one year and declare it, they will adjust your tax code. If you don't do any SE next year you will have still effectively paid tax on assumed earnings and won't get it back until the end of the year, probably by another adjustment to your tax code.</p><p></p><p>I am only SE now so no longer have that complication.</p></blockquote><p></p>
[QUOTE="ProDave, post: 385009, member: 6969"] Look up the fine for not declaring your income. If you are employed and also self employed and only earn a little SE, then they usually just adjust your tax code to collect the tax due for SE. Where it becomes a pain, is if you work SE one year and declare it, they will adjust your tax code. If you don't do any SE next year you will have still effectively paid tax on assumed earnings and won't get it back until the end of the year, probably by another adjustment to your tax code. I am only SE now so no longer have that complication. [/QUOTE]
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