Small business and PAYE

[dannydingbat]

I am employed full time and pay PAYE tax. I also have a sideline as a consultant - just about �2000 a year to supply training courses and I will be submitting a self assessment on this but this sum is spent running my car, phone etc so I do not anticipate any extra tax liability. I have been offered a part time job advising a group in my specialism but they insist that I have to have my tax deducted by PAYE as I must be their employee. Does anyone know whether I can get this tax back to help pay the expenses involved with this exercise?

[Miss-taken]

Yes you can.
What you have to do is take off all relevant expenses from your GROSS pay for this second job which will leave you with a net profit/loss. Do the same for your training course supply business. Add both net profit/losses to your total GROSS pay from your main job and this will give you a total income figure. Take your personal allowance off of this and then calculate the tax payable on this figure. Finally when you have a total tax payable figure, deduct the tax you have already paid during the year (ie the PAYE incurred in both of your jobs). This will leave you with either a refund due or some tax to pay.

Hope this helps!

[dannydingbat]

Succinct and more helpful than I could have hoped. Thanks very much for your time.