Employed and Self Emplyed - Tax Implications

I am currently employed but about to start offering services as self employed person. Does the £1000 income threshold for the income generated via the services still hold from a tax point of view? and would I pay the tax rate at my current tax rate? and how/what if any costs can I offset against the income from a tax point of view? for example I will need to invest in continued professional development and equipment

Hi,

A self employed individual or sole trader, can earn up to £1000 gross profit and not need to register for Self Assessment. If your gross profit exceeds this sum, you need to declare the profit and expenses in a Self Assessment tax return. The net profit, after your expenses are deducted from the gross profit, is taxable and potentially subject to class 2 and class 4 National Insurance.  

Your employment income and your net profit are added together and the tax calculated using the different rate of Income Tax that applies, 20%, 40% or 45%.  

You can see guidance on what training courses are allowable as an expense here:

Expenses if you're self-employed

Thank you.