Tax rebate between leaving old job and starting a business

keith1989

Hi all,

I worked for 4 months of the 2018/19 tax year. I earned ~£17,000 pre-tax and paid tax at the higher rate.

Since leaving my previous employer (July last year) I've been doing some other stuff and thus had no other sources of income, other than a one-off consultation I did earlier in the year. It was for a small fee which wouldn't have been above the self-assessment threshold.

Probably not relevant to the tax year in question but I'll mention it anyway. I've just set up a consulting business. I won't be earning for month or two. I'll be self-employed and won't be incorporating the business for at least a few months.

Oh and haven't claimed anything like JSA etc.

So my question is, what can I expect back tax wise. Do I get most of it back due to most of my income being within the PA threshold or how does it work?

Dazed_and_confused

and thus had no other sources of income, other than a one-off consultation I did earlier in the year. It was for a small fee which wouldn't have been above the self-assessment threshold.

What is this "self-assessment threshold" you refer to??

keith1989

Dazed_and_confused wrote: »

What is this "self-assessment threshold" you refer to??

I filled in a HMRC questionnaire which asked me if I earned over a 1k in that tax year as a self-employed person. So from that, I've assumed this is the threshold above which you'd need to do the paperwork.

Dazed_and_confused

That sounds like the Trading Allowance (there are several things you could have been referring to).

If your self employment turnover was less than £1,000 (and unconnected to your employment) then it is covered by the trading allowance and unless some other reason applied you wouldn't need to do a Self Assessment return.

You don't need to do anything at all in fact for 2018:19. HMRC will automatically review your (PAYE) tax position and let you have details of any tax overpaid.

https://www.gov.uk/tax-overpayments-and-underpayments