Basically the part time job you are talking about , is it selling " unit trust" or still working overtime for people on hourly basis ?

All unit trust or insurance agents are deemed to be in " business " of their owns ( whether part time or full time ).

the advatanges are :

1) you can claim for capital allowances , repairs, petrol etc on your vehicle in relation to your business.
2) there are many other expenses like hand phone bills etc that you can claim for " in the production of your business ".

It could be an advantage to put your other earnings ( if significant ) under business income rather mere " other incomes" .

But you have to plan properly like keeping the proper original receipts.

just my 2sen opinion.

This post has been edited by SKY 1809: Mar 6 2008, 01:36 PM

You have 2 sources of incomes :-

1) from fixed employment, allows set off personal allowances ( very limited )
2) Business incomes - derived from unit trusts, insurance, financial planning etc

For (2) You need to submit with a simple profit & loss statement together with a balance sheet ( can ask any tax agent to do for you. )

Then you can claims expenses relevant to these incomes such car expenses, cap allowance, insurance,interest, office exp, HP bills, electricity etc ( relate to the production of unit trusts business ).

without te accounts , income tax dept may tax you as other source without deducting the expenses.

More works to do but you could end up paying less tax with proper tax planning.

This post has been edited by SKY 1809: Mar 6 2008, 05:32 PM