Should I pay taxes if I am a full-time student working part-time from home?
You will need to register as self employed within 3 months of starting self employment. On the gross income you have stated, you will be entitled to the small earnings exemption for NIC’s, so you wont actually pay any. However, as you will be registered as working, this will count towards your NIC payments which count towards your pension. You dont declare your stipend as this is not taxable. Keep accurate records of your self employed income and expenditure so that you can produce accounts and complete your self assessment at the end of the year. You will probably be due a refund for 08-09, so get your self assessment in as soon as possible.