Declaring Tax

mmcmahon

I finish work with my current employer tomorrow and start a new job on Monday. My current employer now want to use me as a consultant, this will involve being paid a retainer each month in return for answering my phone if any problems crop up (I'm not being replaced) I need to invoice monthly and am responsible for settling tax liabilities.

I've never had to do this before, is it just a case of keeping note of what I've been paid and declaring this once a year?

Mikeyorks

mmcmahon wrote: »

I've never had to do this before, is it just a case of keeping note of what I've been paid and declaring this once a year?

If the sum involved is likely to be mild and of shortish duration? Just keep a note of it and write to your (new) HMRC office after Apr 11 ...... explaining it as above and giving the value.

They will likely recover any tax due via Coding - rather than pushing you into SA.