Part time work after retiring

Lifesabeach54

I’m retiring this July and starting to get my head around pensions. I’ve been offered some part time work which I’m keen to do.
I know it won’t impact my tax band. However I will be paid a day rate and it is up to me to sort the tax, etc.
How do I do this in the best way for me but it meets my obligations to the taxman given that my pension will be paye?
Any advice gratefully received
Many thanks

Dazed_and_confused

Assuming its not going to be less than £1,000/year (Google HMRC trading allowance) you will need to register as self employed and start to complete Self Assessment returns.

Unless you are setting up as a limited company. Which is a whole different minefield.

Lifesabeach54

Thank you for the quick advice

Uncle_Bob

Hi,


Are you sure that you will be self-employed and have to 'sort the tax'? The phrase 'offered some part time work' suggests at least a possibility of this being an employment (where the employer is responsible for 'sorting the tax').



You, and the work provider, don't get to choose based on what you would prefer. It is a question of looking at the facts of the case. It can be quite a complex area but you could start by applying the duck test - if you described the working arrangement to somebody would they think that you were self-employed or employed?

xylophone

https://www.gov.uk/government/collections/employed-or-self-employed

Being paid a daily rate does not necessarily mean that you are self employed.

System

If you work only for one person/organisation then you are almost certainly employed, not self-employed. The essence of self-employment is that you have multiple "employers".


Ask a high-paid BBC presenter

greenglide

Unless you are a Hermes, Yodel, Amazon etc delivery driver.


Not at all clear cut!