P46

interlcore

Sorry for sounding like a dumbo, but I don't know how a P46 works. Is it any different from a P45?
I am self employed but may be getting a temporary christmas job (I'm though to the last interview stage - yay! ). I wouldn't be earning enough in the temp job to pay tax but I don't know how a P46 works. Will I be paying tax? I don't earn enough being self employed either nor will I between the 2 jobs combined. But HMRC will only see this at the end of the tax year when I fill out the forms.

Hammyman

A P46 is the form you fill in when you haven't a P45 or are doing a second job. Yes you will pay tax - 20% on all you earn. As you say, you'll get it back at the end of the year when you submit your S/A form and fill in a page for PAYE income.

mrshaz

slightly off topic, yep its a pain in the bum but see it as a savings plan, at the end of the tax year you'll get a nice lump sum back which i know isnt ideal but at least its not lost, thats how i look at it when i do my self employment estimations for tax credits, if its lower i get a little money back at the end of the year...of course if business is doing well i also have overpayments but of course thats tax credits not your actual tax