Two Pensions and Part Time Job

I retired last year aged 66 and receive a full state pension and a private company pension which total approximately £40,000 per annum. The tax due is taken from my private company via PAYE. I have an opportunity to take up a part time job working as a contingent worker via an umbrella company. This will take my income beyond the higher rate tax threshold of £50,271, therefore some of this additional income will be taxed at 20% and some at 40%. How will the tax be collected on the additional income? Does it mean I will have to complete a self assessment tax return?

Hi andy457,
If the additional income is through PAYE then your tax code will be adjusted to collect the tax due and a Self Assessment would not be due. If the additional income is self employed then you would need to register as self employed and complete a Self Assessment at the tax year end. You can check if you meet Self Assessment criteria at:
 Check if you need to send a Self Assessment tax return.
Thank you.