PAYE to self employed help

Droop6981

Hi I've just finished being PAYE employed, starting up self employed. Do I need to do anything in regards of tax already paid ? Do I claim it back ? Do I inform them of earnings when I fill out some assessment? 


Many thanks 

Dazed_and_C0nfused

You include the income and tax deducted on your Self Assessment return when you come to complete it.

So just keep your P45 for then.

Droop6981

Ok thanks, but it won't make a difference to the tax I'll pay ? 

Dazed_and_C0nfused

Your Self Assessment return is to work out your tax bill from all sources of taxable income so you need to include it.

And you include the tax you have already paid so you get credit for that.

Albermarle

Droop6981 said:

Ok thanks, but it won't make a difference to the tax I'll pay ? 

If you change jobs midyear, or leave a job and take a pension  etc, it is difficult sometimes for HMRC to work out your exact tax until the tax year has ended. When you fill in the self assessment after April 23, your correct tax for 22/23 will be calculated.