Self Assesment Help - While on full time employed

charlee1985

Hi guys,

So I am filling in my first self-assessment ever and I have a question regarding what to include.

I registered as self-employed on September 2016. My P60 obviously include my full-time employment income and tax paid for the whole year (April-April).

My question is, do I include exactly the amounts shown on my P60 or do I have to calculate my full-time employment income only from September 2016 until April 2017? (something like divide the income and tax paid by 12 and only include income/tax for 7 months)

Thanks

TheCyclingProgrammer

Your tax return is for the whole year.

anmarj

So you have to include the full amout paid to you and the amount you paid in tax

charlee1985

TheCyclingProgrammer wrote: »

Your tax return is for the whole year.

thanks for the answer.

I know that the tax return is for a whole year but as I registered and started to work as self-employed from September, don't I only need to sent what I've earned and what tax I paid from my full-time employment started from the month that I registered as self-employed?

As I wasn't self-employed before September 2016, do they care what I earned and what tax I paid?

Thanks again

honeypop

charlee1985 wrote: »

as I registered and started to work as self-employed from September, don't I only need to sent what I've earned and what tax I paid from my full-time employment started from the month that I registered as self-employed?

No, they need to know the figures from the whole year from your employment, regardless of how many months you were also self-employed.

charlee1985

anmarj wrote: »

So you have to include the full amout paid to you and the amount you paid in tax

Ah didn't see this while I was typing my reply. So I do have to include my full year even though I only started as self-employed in Sept.

As I made a loss on my self-employed job the self-assessment software that I use, gives me a massive Tax Rebate after I input the amount of tax I paid for the year. So I jsut wanted to make sure I don't submit something wrong.

*~Zephyr~*

charlee1985 wrote: »

Ah didn't see this while I was typing my reply. So I do have to include my full year even though I only started as self-employed in Sept.

As I made a loss on my self-employed job the self-assessment software that I use, gives me a massive Tax Rebate after I input the amount of tax I paid for the year. So I jsut wanted to make sure I don't submit something wrong.

If you want to put the simple figures in here, one of us will check your sums for you. We do tax returns all the time

Earnings from PAYE employment:
Tax deducted from PAYE employment:
Profit/(loss) from self employment:

charlee1985

*~Zephyr~* wrote: »

If you want to put the simple figures in here, one of us will check your sums for you. We do tax returns all the time

Earnings from PAYE employment:
Tax deducted from PAYE employment:
Profit/(loss) from self employment:

Earnings from PAYE employment: £24,996
Tax deducted from PAYE employment: £2,797
Student loan: £669
Profit/(loss) from self employment: -£143 (loss)

I've included the student loan as it counts as an expense on my PAYE employment I guess?

Thanks again.

TheCyclingProgrammer

charlee1985 wrote: »

thanks for the answer.

I know that the tax return is for a whole year but as I registered and started to work as self-employed from September, don't I only need to sent what I've earned and what tax I paid from my full-time employment started from the month that I registered as self-employed?

As I wasn't self-employed before September 2016, do they care what I earned and what tax I paid?

Thanks again

As the return is for the whole tax year, unless you enter all of your income for the entire year (from any source) it wouldn't be possible to produce an accurate tax calculation.

Your self-employment sheet will only cover the period you were actually self employed. You will also have an employment sheet for each employment you were in during the tax year too.

*~Zephyr~*

charlee1985 wrote: »

Earnings from PAYE employment: £24,996
Tax deducted from PAYE employment: £2,797
Student loan: £669
Profit/(loss) from self employment: -£143 (loss)

I've included the student loan as it counts as an expense on my PAYE employment I guess?

Thanks again.

A cursory calculation suggests you have overpaid tax of £26.50 due back to you.


However, you need to pay Class 2 NI on all self employed earnings which is £2.80 per week since you became self employed, so if you became self employed on 1st September you owe 31 weeks at £2.80 which is £86.80.

Deduct the overpaid tax and you should be paying HMRC just over £60 in January.

charlee1985

I use gosimpletax.com as I am a Which member and I get free access. It gave me Tax rebate of £2,795 which seems way too much. Would you suggest to contact them to check if there is an issue on their end? Or maybe I will just submit it directly with HMRC

Also regarding NI. The amount I already paid through my full time employment doesn't contribute to anything?

Thanks again