|>>|| No. 6469
> It's £2000 and I have no other income so I'm hoping it's under some sort of threshold.
There is a personal allowance of £11,000 per year. If you earn less than that amount, you pay no income tax.
When you receive your pay slips, check to see if income tax has been deducted. Your employer may have applied the wrong tax code and deducted tax that is not owed. If it has, you will need to notify HMRC (the tax collecting agency) to reclaim the overpaid tax.
If you earn more than £155 per week, you will have to pay National Insurance. This will be automatically deducted from your pay. You pay 12% of anything you earn over the £155 threshold.
The benefits and disadvantages of self employment are quite complex. Unless you are earning more than about £20,000, the amount of tax you will pay is roughly the same. If you are self employed you will need to complete a Self Assessment tax return at the end of the year, or pay an accountant to do it for you. Most employed people do not need to complete a tax return, because their taxes are automatically deducted by their employer.