Self assessment - does it all come out in the wash?

[TedGlenn]

Been on hold and then cut off from HMRC Web chat, so thought I'd ask here...

In July, I stopped one employment, started a new (much much lower paid) one. I also have self-employed income.

Noticed I have a K tax code for my new employment, and I am paying more tax than I think I should be. I went online to look at my tax account and I have £30K 'non-coded income" which I assume is an estimate related to my self employment (although I won't earn that much this year) and also the taxable income estimate for my new job is higher than it should be.

So possibly a few things there that could do with straightening out, but if I do nothing, will this all come out in the wash anyway when I do my self assessment at the end of the tax year, i.e. if I've been paying too much tax on my employment income, this will reduce how much tax I'm asked to pay on my self employment income? Or should I make the effort to get it sorted out now?

(No tax credits/pensions/interest income or anything else to complicate matters)

Thanks!

It will all come out in the wash when you do your self assessment

Ace! I was hoping that would be the answer!

I suppose it depends whether you are happy, and able, to wait for the tax to be refunded in your self assessment, which can happen - in the past DP has done building site work using the CIS scheme, which takes a flat 20% tax off all earnings. Once you've factored in SE expenses and if you are a relatively low earner, you can receive quite a chunk of tax rebate once you do your self assessment.

But if you want to be paying the right amount of tax now, is there a messaging/web chat service where you can tell them that your SE earnings will be much less this year (give them an estimated figure) and would like your PAYE tax code to be adjusted accordingly.

Thanks - yes, I'm happy to wait until self-assessment time. I don't think the amount I'm overpaying will lead to a tax rebate, just a smaller tax bill to pay on my self employed earnings, so I'm fine to be paying that 'upfront', so to speak.