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Z
Zocke
September 29, 2024
Question

Moving from PAYE to self-employed in the same tax year

  • September 29, 2024
  • 1 reply
  • 0 views

Hi!

 

I've moved from doing self-employed one day a week whilst PAYE on a few other days to now fully self-employed. This has been over two tax years. I've therefore paid tax and NI via PAYE for the tax year 2023/2024 but not for the self-employment work I've done. There isn't anywhere as far as I can see within quickbooks to account for this. I also need presumably to check with HMRC whether within my PAYE tax code my professional registration exemption applies or whether I can claim it via self-employment? 

 

Many thanks!

1 reply

G
GlinetteC
September 29, 2024

Let me share some details about managing your tax obligations in Quickbooks Self-Employed effectively, Zocke.

 

Self-employment is declared through your tax return, along with your employment income, income and the profits from self-employment are subject to Income Tax and National Insurance through self-assessment.  

 

Considering the complexity of your situation, it's best to seek guidance from a tax advisor and refer to the HMRC. They can offer tailored advice and help ensure you're compliant with all tax regulations.

 

I'm sharing these resources to ensure transactions categorise properly:

 

 

Hit the Reply button if you have additional questions or concerns about handling taxes. We're always here to help.

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