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Posted Sun, 04 Sep 2022 20:33:26 GMT by Kai
Hi, I am full time employed and going to work as a self employed(Sole trader) job during weekend. In total, I will earn more than £85,000 annually( £60000 from full time job annually and probably more than £25000 from self employed(sole trader) job annually) Do I need to VAT register? In addition, I have a company car for my full time job and I am thinking to purchase a £30,000 electric car for my self employ job. So obviously, If I only earn £25, 000 from my self employ(Sole trader) job, I will loss £5,000. If I carry the £5,000loss to next finical year, does it affect my full time job income tax also? Thank you for your time
Posted Thu, 08 Sep 2022 12:32:32 GMT by HMRC Admin 25
Hi Kai,

No you do not need to register for VAT as your self- employment is below £85000.

The loss will not affect your full time job, as you are carrying it forward to set against the following years self- employed profits. 

Thank you. 

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