Freelance work?

[Bakedgoods]

Does anyone do any online Freelance type work in your free time?

I'm looking at doing some small bits of work like this and there seems to be pleanty going.

Elance seems to be the best place, but it is American.

If anyone does this, and is employed full time, what do you do about the tax etc?

Cheers

 

[robinson09]

Check out amazon 'mechanical turk' (Just sounds racist to me), that's another one. Have only really dabbled in it myself, but could be lucrative if your willing to put enough time into it.

 

[philjohn]

If anyone does this, and is employed full time, what do you do about the tax etc?

I don't do this, but know about the tax situation. You'll need to register as self employed, pay class 2 NIC's (£2.40 a week) except if your class 1 (employee) NIC's are over a certain amount. You'll need to fill out a tax return each year, do it online and all the calculations are done for you.

Make sure you deduct enough from tax and keep it in an account you do not touch, as at the end of your first year, if your tax payable is over £500 you'll need to pay half again on account (with the balance following 6 months later). Was good when interest rates were higher as I was making a tidy little sum on the interest on my tax account .

Finally, make sure you keep a track of all incomings and outgoings as some will probably be tax deductible.