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Posted Sat, 30 Nov 2024 10:07:12 GMT by BearsCreativeGenius
Hi, I would appreciate any advice! I’m a full time university student receiving a student loan but also have to have 2 jobs to earn enough for all my expenses. I work in a retail store 6-15 hours a week earning minimum wage with the tax code 1255L as a main job. Earning approx £6200 this financial year. But earlier this year I have begun being an events and quiz host for a local pub and due to being paid via an online third party had to sign up as a sole trader and submit for self assessment. In this role I only earn between £65-£75 a week so totalling approx £3,500 this financial year. So in total I will only be earning just short of £10,000 but because the self assessment will count as a second job will I have to pay the basic tax of 20% or because it is under my personal threshold will I have no taxes this year?
Posted Wed, 04 Dec 2024 12:29:36 GMT by Geek
Your tax free allowance is for all employments, so as long as you are under this and have no other incomes you would not be due any tax. Obviously if you go over the allowance you will have a tax bill due
Posted Thu, 05 Dec 2024 15:10:21 GMT by HMRC Admin 19 Response
Hi,
Your tax free allowance of £12,570 is applied against all of your income for the year, so your Self Assessment income should not be liable for Income Tax either. You can see information here:
Income Tax rates and Personal Allowances
Thank you.

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