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Posted Thu, 01 Feb 2024 18:11:37 GMT by
Hi. I keep asking but not really getting a clear response. I have a full time job under PAYE and last year, did some consultancy work which was not under PAYE. This work took place between September 2022-April 2023. I invoiced the company at the end of April 23 and was paid in May 23. When do I pay the tax on this please? My portal says nothing is due, but the comment on my other thread says now. I am now very concerned that I have missed the 31st deadline, so would appreciate some clarity on this as soon as possible.
Posted Tue, 06 Feb 2024 12:10:25 GMT by HMRC Admin 5
Hi

You can find more information here - Business records if you're self-employed 
If you decide to declare your income using Traditional Accounting - recording your income and expenses by the date you invoiced or were billed - you would declare your consultancy earnings in a 22/23 return.
If you decide to declare using Cash Basis Accounting - where you only record income or expenses when you actually receive that money or pay a bill - you would declare your consultancy income in a 23/24 return.
Either method is fine, so long as this method is applied for all of your income, every year. If you would like to discuss this, though, or need further advice, contact us by webchat or phone viaSelf Assessment: general enquiries

Thank you

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