Work full time in a 'normal' job. Employer sorts PAYE tax & NI.
In my spare time I run a couple of websites which, with advertising and such, generate a second income.
Been doing this for a few years. Using self-assessment to declare the 2nd income as 'self employed' so paying self assessment tax and each month paying £10-odd in Class2 National Insurance by direct debit.
Each year.. the profit from the websites is falling away.
It's gone from £10-15K down to £4500 last year and looks to be even less this year.
Am I right in thinking that, as my profit is under £5Kish then I don't need to be paying the Class2 NI anymore?? And if so, is it just a case of filling a form in and letting HMRC know ??
In my spare time I run a couple of websites which, with advertising and such, generate a second income.
Been doing this for a few years. Using self-assessment to declare the 2nd income as 'self employed' so paying self assessment tax and each month paying £10-odd in Class2 National Insurance by direct debit.
Each year.. the profit from the websites is falling away.
It's gone from £10-15K down to £4500 last year and looks to be even less this year.
Am I right in thinking that, as my profit is under £5Kish then I don't need to be paying the Class2 NI anymore?? And if so, is it just a case of filling a form in and letting HMRC know ??