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Posted Mon, 30 Sep 2024 13:58:47 GMT by 2dot
I was made redundant 31 March 2023 from my post as a charity CEO. In April I received a one-off payment from the charity to complete the wind-up tasks required to close the charity. I was NOT an employee and NOT taxed on this, I was simply the person with best skills/experience to do this. That was the only amount I 'earned' in 2023-24 tax year. Do I need to register as a sole trader so this single payment can be taxed correctly, or is there another way to declare it? I am already completing a SA form each year because I receive income from property. Thanks in advance :)
Posted Tue, 08 Oct 2024 14:05:15 GMT by HMRC Admin 19 Response
Hi,
If the payment was for self employment work, then yes, you will need to register as self employed and declare this on your Self Assessment return.
Thank you.

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