t know if this is the correct section to post this. Im relatively new to this quickfile thing, and I chose it simply because it has Paypal integration, which I will be using for most if not all of my transactions.
What I need to know and forgive me for being thick, is - this.
I already work full time as an employee, however I have since started an Ebay business which is doing quite well so far and I forsee making anything between an extra £50 - £80 a week. I need to be able to work out how much extra tax to pay on top of what I already pay through my full time job.
I`m using quickfile to keep track of my ins and outs and my profit etc. as everything is done via Paypal albeit with a few credit card transactions here and there (as some of my suppliers do not use Paypal).
How do I calculate the extra tax to pay? Do I need to register as a business with Companies House as well, or notify HMRC that I have an extra income.
Can I pay the extra tax weekly along with my wages tax? (as this would be preferrable as if I keep it in my account I`m bound to spend it).