Nicram

I am employed as PAYE. Let's say my income from permanent job is £40000 (gross) and the sole trading in spare time brings me another £20000, but I have sole trader's expenses of £10000. For the income tax purposes - will get to the 40% tax bracket, or my total income will be taxed at 20% - For the clarity let's ignore the untaxed first 13k (40000 + [20000-10000]=50000)? Any comment will be appreciated.