James Coleman
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Question about my tax code (I'm self-emplyed and employed)
Hi, I have a very simple question, I will round the figures up to keep it simple. My main job is as a self-employed, I have been filing tax returns for 20 years and through this I earn around £35,000 per year. I also have a second occasional job just for a bit of variety - this is on PAYE and this earns around £5000 per year. Looking at my tax code for next year, HMRC have given me the tax code 500T. Since I am always earning more than the 12,500 personal allowance through self assessment, it would make more sense to me that I don't get any tax free allowance through PAYE and get taxed at basic rate on my PAYE job. I understand that it makes absolutely no difference to the amount of tax I end up paying, since it all comes out in the wash once self-assessment is filed. But I'd rather pay more tax through PAYE now, than have the liability accumulate for self-assessment time. Is there any way I can request to pay MORE tax through the PAYE system? Thank you so much.