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Where Taxpayers and Advisers Meet

reclaiming income tax as an employee now I'm self-employed

lamagia
Posts:1
Joined:Wed Aug 06, 2008 3:07 pm

Postby lamagia » Sat Nov 29, 2003 7:17 pm

I paid PAYE up until 30 April, then started a sole trader business on 1 May. How do I account for that month when I was an employee, when I'm running my business year from 1 May? Can I reclaim the tax paid as an employee now?

Huw Williams
Posts:285
Joined:Wed Aug 06, 2008 2:18 pm

Postby Huw Williams » Mon Dec 01, 2003 4:32 am

It all comes out when you fill in your self-assessment return after next April. There are separate pages to enter employment income (and tax paid) and self-employed income.

A tax return should be issued to you automatically provided you have registered with the Revenue as self-employed for tax purposes. But make sure you have also registered for national insurance purposes (for a £2 flat rate contribution each week) or you could end up with a penalty.

Huw Williams
217 Musters Road
West Bridgford
Nottingham
NG2 7DT

0115 914 6846

enquiries@huwwilliams.co.uk


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