You’re offline. This is a read only version of the page.
Thank you, as a follow up to this point, I received three payments from the Insolvency service for redundancy, arrears of pay and outstanding holiday pay, these were paid net of tax and National Insurance, I was provided with a P45 with blank information, do I include the gross payment figures on my return or the net figures as employed income.
As I have made a first year loss, will I be entitled to a refund of the tax paid, will this be automatic upon submission of my return or have to be claimed manually.
Thank you for your reply, if I could post a relevant second question on the same topic, I took a refund 'Trivial Commutation' of a second small private pension to provide a lump sum to start my business, the P45 given with the refund shows total pay £23850, total tax deducted £4770, as I have made a loss in my first year, should I be entitled to an automatic refund of the £4770 tax deducted, should I be entering the £23850 as employed income or the gross amount of £28620.
I took my private pension during my self employment tax year and took a 25% tax free lump sum with the corresponding monthly pension payments which were paid tax free, I understand my monthly payments should be declared as untaxed income, does the lump sum need to be declared on my self assessment tax return as it was tax free.
I was made redundant on 30th March, but received my statutory remuneraton, wages owed, outstanding holiday pay etc etc from the receiver in the new tax year, tax deducted. I started self employment 1st July, was I technically employed and self employed this year and does my redundancy remuneration count as received in the last tax year or this tax year.