Offered some side work, having second thoughts R.E. declaring income to HMRC

[d_brennen]

Long story short I was asked how much I would charge for doing a job for an aquantence setting up some equipment and software. I normally can't be bothered with such things as I am at a workstation for 8+ hours a day anyway, have a young child and a social life, so quoted high to put them off but they have gone and accepted my price.

I don't expect this to be a repeat thing, at least not for the remainder of the year so will be a one off income. The guy wants me to invoice him and pay via his business account. I am PAYE at my regular emplyment and also PAYE at a second job.

Is the tax man going to shaft me and how would I go about declaring a one off income anyway? Would really rather not make more admin work for myself than I have already as time is always at a premium.

Not trying to dodge tax before anyone jumps on me

 

[d_brennen]

You would need to register for self assessment and I believe if it's just a 'one off income' for a job you could declare that as "other income" on the standard section, rather than need to register for full Self Employment, and just pay the tax on it, which would be 20% or 40% etc depending on your overall income.

Ok, I'm not up to speed on tax etc. When I contracted briefly I had an accountant do all the paperwork. So do the job, fill in a self assessment form post-fact?

 

[d_brennen]

Gov Gateway rings a bell but was yonks ago. I was contracting for an accountancy firm and they did everything for me, the MD literally sat next to me to file the return (was in 2005/6). Have been PAYE since exclusively.

Been doing some reading up and seems like I don't need to rush into doing anything immediately which takes the pressure off a bit I guess.

Thanks for the replies, the thought of having to deal with the HMRC just filled me with dread