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Posted Fri, 02 Feb 2024 22:53:04 GMT by
I was wondering if someone could provide guidance. I have been a full time employee under PAYE from April 2023 to December 2023. As of January 2024 I am now a acting as a soletrader and have left employment. What will happen with with my personal allowance for the 2023/24 Tax Year. I was a higher rate tax payer when employed so would have personal allowance remaining and not utilised. Would I be owed a tax refund after April 2024. Or will the remainder of this used personal allowance go against my first self assessment. Note. I registered as a soletrader 08.01.2024.
Posted Wed, 07 Feb 2024 08:56:44 GMT by HMRC Admin 20 Response
Hi James Wigginton,
You will still be due the personal allowances for the year.
As self employed you will now need to complete a tax return, this will be issued after 6/4/24 and you will show your PAYE income and your self employment.
The return will confirm any refund that is due.
Thank you.

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