Paying tax and NI on a one of earning

I am retired, but not yet receiving the statutory pension, only my private pension. I have recently earned a one of, not to be repeated, 15K payment. This still keeps me in the 20% tax bracket. How do I pay tax and national insurance on this, and how much is that likely to be?

Hi,
 

The pension provider will notify HMRC of the payment and any tax they have deducted, so that the payment can be included in your annual tax liability calculation.  The pension payment does not attract national insurance. Thank you .

Many thanks for your response, I am grateful, however, you have advised on the part that I already understand. I am interested to understand how I go about paying tax and national insurance on the once only earning of 15K, and what the rates will be on the national insurance element. I know I will need to pay 20% tax on this sum as I have already reached the tax threshold with my pension, but don't know what I need to do to make this happen, how to pay, and what the national insurance liability will be.

Hi, 

As already advised, pension payments to not attract national insurance contributions.  Please use the tool to determine whether a self assessment tax return is required.  If it is not, then there is nothing you need to do.  Your pension provider will supply your pension information to HMRC and our PAYE system will work out how much tax you have to pay. Thank you  .

Thank you for your response, I am grateful. I still don't know what I should do though. The assessment tool does not account for the fact that I am in receipt of a private pension, and therefore calculates my tax liability as though I am only earning 15K. I am in receipt of a private pension, coupled with this 15K one of earning I will still be within the 20% tax range. My query is, how do I declare this 15K, pay tax on it, pay national insurance on it, and what the rate of NI will be.

Hi davidoneill,
As previously advised, the payer of the 15k payment will notify HMRC and tax should already have been deducted at 20% on it.
There is no NI to pay. you can check your personal tax account to ensure it shows on our record:
Personal tax account: sign in or set up
Thank you. 
 

Many thanks for your continued assistance on this, but I am still not sure that I have an answer that covers off my query. The 15K was paid to me in full as a one of consultancy fee. I assume I will need to register as self employed, albeit that this is never going to occur again. So for clarity, my question is, how do I declare this one of earning, how do I pay the required tax on it, what NI liability will I have, and how do I pay it. I have paid NI for all of the required years and so I was hoping that I might not have any liability, but I just want to do the right thing. This is all new to me as I have been PAYE for the last 25 years or so and don't know how this all works.

Hi David O'Neill,
You will need to register for Self Assessment as self employed:
Set up as self-employed (a 'sole trader'): step by step
So that Class 2 and Class 4 National Insurance can be applied to your profits.
As this is a one of consultancy, you will need to contact HMRC at 0300 200 3310 or via webchat at:
Self Assessment: general enquiries
To confirm that your self employment has ceased and that no furture tax returns are required.
Thank you. 

Many thanks, that is very helpful.