Self-employed and part-time employed tax code

thebobajob

Sorry if this has already been answered but I can't quite find the answer I am looking for.

I have recently taken a part-time job after being self-employed for several years and am still working as self-employed. I abvisouly fill in a self-assessment tax return but I have noticed that I seem to be paying a lot of tax through my PAYE from my part-time work.

I checked my Tax-code and it is BR (Basic Rate). Should I have this Tax-code and is there any way of getting a proper tax-code for my part-time job so that I get more money every month?

I realise this will probably sort itself out when I submit my tax return but that could mean I don't see the money for months. I put plenty of money aside every month for my tax return and don't really want to pay more via PAYE than I need to.

Any advice would be welcome.

Thanks

fengirl_2

You are on code BR - or basic rate tax as all your tax free allowances are allocated to your self employment and this new job is treated as your second job. This will mean you are paying the correct tax on your second job, assuming your profits are exceeding your personal allowances.
if, however, you are running down your business and want to have your allowances set against your new job, you need to ask HMRC to do this for you. Now is the time to act as the new tax year starts next week and a new code could be issued for you in time to be operated at the start of the year. If you do that, however, you need to be aware that you will pay basic rate tax on your profits next year.