qwerty
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RE: Self employed to employed
Any help? HMRC not answering their phone -
Self employed to employed
Hi, after many years, I stopped sole trading earlier this year to go to employment PAYE, so this is my first self assessment that captures this. I have 3 payslips so far, tax code for 1st was 0T one then 1257L. NI taken for all, SLC taken for latest, emergency tax deducted for first and then fully repaid second, and no income tax deducted. I'm due to pay the balancing POA this summer after this return but unsure if I'll take up self employed work - but I'll leave my account open. I want to know 1) class 2 NIC - looks like I can select an option to opt out of this given I'm not self employed going forward. Is this a good idea, any pros or cons? 2) There's also a 'did your business cease trading after 5/4 but before 6/4' - I assume i tick yes - so as to not pay/file future self employed tax, future return? 3) overlap relief - not sure what it means There is a part here that asks about overlap relief: sold or closed down your trade/business during the 6 April 2023 to 5 April 2024 tax year, and your basis period for this year does not start on 6 April I did 'stop' my self employed work in Jan - haven't officially closed it but as before, I just want to leave it open - do I click yes or no do you think - for overlap relief or does it not apply here? 4) don't understand this bit: Our records show that your 2023 to 2024 PAYE Notice of Coding includes an adjustment for tax underpaid. Amount of estimated underpaid tax for 6 April 2023 to 5 April 2024 to be included in your PAYE tax code for 6 April 2024 to 5 April 2025 (from your PAYE Notice of Coding): £ 0.00 Is this figure correct? I assume this is correct unless it's asking me to estimate the amount of tax I should have had deducted as PAYE?? Then next section: Other debts Amount of outstanding debt included in your tax code for 2023-24. Please enter '0' if there is nothing shown or you did not have a PAYE code: Any help is appreciated