What to Do with P45 now I'm Self Employed?

Ian4212

I have recently become self employed and need to know what to do with P45 from previous employer?

Will I have to send it off anywhere and how do I record earnings/tax paid etc from this employment on my SA tax return?

Many thanks,

PlutoinCapricorn

I had the same problem: I had two P45s (I finished two part time jobs) that I hung on to as I did not think to do anything with them. I had no intention of getting any more PAYE work, and was not claiming JSA as I had plenty of freelance work so had no one to give them to.

I completed my self assessments for two years, so I thought they know what I had been earning, but I got a letter each FY saying that they needed to know about my income. I suddenly realised that it might be the unaccounted for P45s that caused this. I phoned the office the letter came from to confirm, and as advised sent them with a letter of explanation (P45s photocopied first!) to the tax office the letter came from. I have had no more of the enquiry letters.

PlutoinCapricorn

WHen you complete your self assessment - online is best - you will be asked whether you had any PAYE employment during the relevant tax year. You just need the gross income and income tax paid - the final P45 or P60 should have this.

no-oneknowsme

My OH is now self employed after 20 odd years in employment.

We held onto the p45 received when employment ended.

If you are filing the self assesment online it really is quite simple. The question on the core section which everyone completes asks you did you have any employment within the tax year in question to this you will tick "yes" . You will then be given the "employment form" to fill in . This simply asks you to state all income from employment and the tax paid on this employment . Then , there is a box which asks you to add any other relevant details about this employment . It is in this box that you put the date upon which the employment ceased.

Ian4212

Thanks for all the responses...they have been really helpful.