Income tax query (additional income)

marky_p

Hi,

I am currently employed full-time and pay tax through PAYE (my salary is approx. 32k, not sure if that is relevant).

I am currently doing two weeks work for a European organisation and will be paid directly into my bank account, in Euro, for the work that I am doing. My income from that will be around £1500.

How do I go about paying tax on this extra income?

Any help appreciated.

InsideInsurance

You would complete a self assessment tax return

See https://www.gov.uk/tax-foreign-income/paying-tax

marky_p

InsideInsurance wrote: »

You would complete a self assessment tax return

See https://www.gov.uk/tax-foreign-income/paying-tax

Thanks - am I correct in thinking that I don't need to do this until the end of the tax year? Or can I do it immediately?

Presumably if I don't file it until the end of the year I won't have to pay the tax until 2016, which is a bit of a pain.

InsideInsurance

marky_p wrote: »

Thanks - am I correct in thinking that I don't need to do this until the end of the tax year? Or can I do it immediately?

Presumably if I don't file it until the end of the year I won't have to pay the tax until 2016, which is a bit of a pain.

You cannot do it until the end of the tax year as you have to fill in all your earnings in the year, PAYE and foreign etc.

Technically you would have until end of Jan 17 to do it but can do it almost immediately after the end if you prefer.

marky_p

Very helpful - thanks!

PlutoinCapricorn

As it is a one-off under a specified amount, you may be able to just report it via a letter or short form:

"Income that’s not automatically taxed
You must fill in a tax return if your untaxed income is over £2,500, or if you don’t pay tax through your wages or pension. You must contact the Income Tax helpline if it’s less than £2,500."
https://www.gov.uk/income-tax/how-you-pay-income-tax

Clairef39

I'm new to this to, I Pay tax through PAYE, but I've also started tutoring it's paid directly into my account so I need to pay tax on this I started in October 2014, I registered with inland revenue but haven't heard a thing do I need to file a self assessment in January 2016? I was told by a friend that I would have to file it in June but I haven't read anything about filing self assessments in June

agrinnall

Rule 1: Don't listen to friends when it comes to tax.

I know of no June self assessment deadline. The closest would be end of July should you have to make a payment on account. But that wouldn't be that case for you yet.

All of the SA dates are listed on this page:

https://www.gov.uk/self-assessment-tax-returns/deadlines