andy457

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?