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Confused about tax

4 replies

perfectlybroken · 19/05/2015 14:28

I do work for two different Universities on an as and when basis, and also do stuff through peopleperhour. I pay tax already on the University jobs, but when I started with PPH registered for self assessment. I'm a bit confused now - I take it I declare all of the above, despite the fact I've already paid tax for the university work (I get a payslip)? How then does it work so that I don't pay tax twice??
Help!!
Thanks

OP posts:
Treats · 19/05/2015 14:30

Each May your employer should give you a P60, which is a formal statement of all your earnings in the year and the amount of PAYE deductions that they've made on your behalf.

When you complete your self assessment form, enter all your earnings for the year, and then record the amount from your P60 that you've already paid in tax. The form will then calculate the balance owing.

HTH

perfectlybroken · 19/05/2015 14:45

Oh great thanks so so much. Yes I've had one already from one University so probably due one from the other.

OP posts:
AnnaLP · 26/05/2015 17:09

Don't forget it might be more tax-efficient for you if you work as a limited company, especially as you have at least 3 clients. Depending on the level of your income, of course, you could save a significant amount of tax paying yourself (from your own company) the basic salary and taking the rest in dividends. You can them claim back some expenses from working from home that you can't now.

It's not difficult to set up a limited co. - can be done easily off the shelf and corporation tax returns are not difficult now they are all online. I think too many people are put off the idea of a limited company becasue they think it is complicated to set up and manage but I've saved tax that way.

TalkinPeace · 01/06/2015 21:49

but the Universities won't be able to work with that

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