self employed to employed p45 or p46?

I've been self employed for 3 years now and im going to be stopping and getting normal employment, obviously i dont have a p45 due to being SE for so long. so what do i have to do when i start my new job??

Will i be emergency taxed and if so will i get that back.

what do i need to do, with regards to my accounts and self assemsment as im half way through my tax year etc.

any advice would be greatly appreciated.

 

You will be on emergency tax e.g. £0 tax allowance. You get it back eventually, even in the same tax year once you have sorted your tax code out.

 

Your employers will ask you to complete a form P46 - the tax code you are given will depend on your circumstances. You have to tick one of 3 boxes on the form. You may well get a tax code of 747L so pay the correct tax from commencement but if not it will be refunded via your employers as soon as a correct code is issued.

You have to complete your tax return and accounts up to the date you ceased.

 

Here is the form P46 to complete

http://www.hmrc.gov.uk/forms/p46.pdf

You will tick box A or B depending on your circs.

 

Your will be issue a P46 to fill in.

You will also need to complete your self tax Assessment.

You will need the supplementary SA for Employment.

Any tax owes from the SE will need to be paid in the normally way and any tax over paid via employment will be adjusted on your tax code.

If you need to discuss your issue in detail, please feel free to contact us

myofficeaccountant.co.uk
Tel: 0208 090 2291

 

Are you suggesting that the tax for the year is split between different sources of income and dealt with separately? Or is the wording that you've used a bit imprecise?

 

Yes, income from different sources are grouped accroting to their source, e.g employment, SE, rentals, dividends.

The tax paid or losses carried forward depends on the source.

The correct wording has been used.

if you need some advice on tax issues, please PM me.

regards

MyOfficeAccountant.co.uk

 

I look forward to seeing David's response to this

 

The self assessment calculation produces one figure for tax due for the year. It categorically does not tell you that you owe £x for self employment and £y for employment and ask you to pay them separately.

To suggest that if you have an overpayment of PAYE it is repaid through your tax code is frankly ridiculous.

I certainly don't need any advice on tax issues from you, thank you very much. It seems to me that you would be advised to seek some advice yourself.