Share investment plan

wonderingaboutthings

Hi I am employed and also registered a sole trader 

I have taken out some SIP shares which have been taxed through my PAYE would i still have to declare the amount taken on my self assessment or not as it has already been taxed and included in my p60

eskbanker

All taxable income needs to be declared on a self-assessment - if it's already been subject to tax then merely declaring it on the form doesn't make it liable to any further deduction....

wonderingaboutthings

so does this mean i will be taxed twice for this

eskbanker

wonderingaboutthings said:

so does this mean i will be taxed twice for this

No, as stated above.  Why would it mean that - you'd be declaring not just the income but the tax already deducted on the form?

wonderingaboutthings

ok as I was wondering as this number is already included in my P60 for the year it was included in my monthly wage.

so was not sure if needed to be added separately from my P60 as its already included in the total figure  

mybestattempt

If it's on your P60 it's part of your employment income, so no need for a separate entry. 

wonderingaboutthings

I have also noticed I got £34 tax free which was separate and not part of my pay as it was tax free does that need to be declared