P45 and self employment

[Spent2much]

hubby is self employed and he also recently took another job with a cleaning firm , does he need to apply for a P45 ?

The firm he works for haven't mentioned this but he was just concerned it might delay wages come pay day

[MrsD]

Re: P45 and self employment

they'll probably put him on an emergency code Spent, does he do self accessment?

I know that you can chose where your tax allowances are put, so he could ask the tax folks to send the new job a notice of coding, then divvy it all up when he does his self assessment at the end of the tax year.

[SXGuy]

Re: P45 and self employment

Only just saw this thread.

Your hubby needs to tell this firm, its his second job.

IT wont be a P45 he gets, but a P46 (if done correctly)

Then they should change his tax code to BR.

Then at the end of the tax year, or whenever your self employment year end is, your accountant will take your combined income, deduct personall allowances, work out your tax, and deduct tax already paid at BR.

[Spent2much]

Re: P45 and self employment

they'll probably put him on an emergency code Spent, does he do self accessment?

I know that you can chose where your tax allowances are put, so he could ask the tax folks to send the new job a notice of coding, then divvy it all up when he does his self assessment at the end of the tax year.

Hi , thanks its only 20 hours so he won't pay tax on that and he has only just sent his tax returns in . Based on last years performance he got a reply saying nothing to pay which was nice

[Spent2much]

Re: P45 and self employment

Only just saw this thread.

Your hubby needs to tell this firm, its his second job.

IT wont be a P45 he gets, but a P46 (if done correctly)

Then they should change his tax code to BR.

Then at the end of the tax year, or whenever your self employment year end is, your accountant will take your combined income, deduct personall allowances, work out your tax, and deduct tax already paid at BR.

Thank you for your reply , he should get paid tomorrow so we will see what he gets , i just posted that he is only working 20 hours and has just sent his tax returns in and has 0 to pay based on last year .

[SXGuy]

Re: P45 and self employment

if they code him BR he will pay tax, but that tax will be offset against his self employment income.

If you do nothing, they will give allowances to that job instead, and he wont pay any.

But any that may be due on self employment will be payable the following jan and july, half estimates if its over £1000 also.

So personally, get them to BR him at the job, and then you may have a nice rebate come following April.