Moving from Self employment back to being employed

Rockee

I am shortly going to start a new job on a full time basis. I have being self-employed for the last 18 months (paying NI contributions etc..). Will I have to notify the Inland Revenue or will they receive this information from my new employers? Is there anything I need to do?

inmypocketnottheirs

You are going to have to finalise your accounts for the period of your self employment in order to ascertain how much tax you will have to pay. I would have thought a letter to your local tax office informing them of your return to PAYE would be prudent. Also you wont have a p45 to give your employer, so you will be on 'week 1 month 1' basis until your tax office send them a notice of coding.

HTH

Rockee

Thanks for that. I was hoping to run things in parallel for a few months (keep the sole trader business until end of the financial year, as I am owned a few invoices at the end of the month etc..) Or isn't this possible?

Savvy_Sue

inmypocketnottheirs wrote:

Also you wont have a p45 to give your employer, so you will be on 'week 1 month 1' basis until your tax office send them a notice of coding.

Unless you're continuing to do some s/e work, ask your new employer for a P46. If you tick the box which says "This is my only or main employment" you should get the right tax code immediately. But you do need to finalise your s/e accounts as imp says.