If I am self-employed in the majority of my work, but have to P46 for a particular job, do I also have to pay full NICs on that job as well as my Class 2 NICs for self-employment? Or should tax be the only deduction from that job? Does a P46 make me an employee, or am I still self-employed on that job?
2006-09-15 05:47:28 · 6 answers · asked by Ash 1 in Business & Finance ➔ Taxes ➔ United Kingdom
If you earn enough on that job you do have to pay full NICs. Since you have to pay tax and have submitted a P46 it is likely that you earn enough to have to pay NICs as well. The P46 does make you an employee: at the end of the tax year you should receive a P60, or a P45 if you leave before then.
2006-09-15 05:52:58 · answer #1 · answered by Anonymous · 0⤊ 0⤋
P46 is a substitute P45 as you wont have been given one from a previous employer (being self -employed) if you are working FOR someone you will have to pay Class 1 NIC if you get paid over the lower earning limit. You will, if paying Class 2 (self employed NICs) get something back at end of tax year.
But you have to pay tax on all your earnings, sorry.
2006-09-15 13:06:37 · answer #2 · answered by theoldecrone 4 · 0⤊ 0⤋
It would sound to me that the job that you have been 'P46'd' on would be as employed. You will have to pay your full (Class A) NIC's on that one. You will have to account for your other work separately so that you are not accounting for the 'employed' income the same as the 'self employed' income.
Check out the government website - HMRC - they should have the full answer for you.
2006-09-15 13:27:45 · answer #3 · answered by Anonymous · 0⤊ 0⤋
A p46 is issued to keep ur employer within the law and gets you noticed by the IR,,,,
If you are self employed and paying ur class two NI then that should be sufficient.......but you will pay tax at the Basic Rate on ur second job @ 22%....Check out the www.HMCustoms&Revenue.gov.uk
site and clarify it. If ur below the Ni Lower limit for ni then u wont pay it on ur second jub
2006-09-15 17:16:54 · answer #4 · answered by ~Lez~ 2 · 0⤊ 0⤋
You pay tax and NI on both jobs. At the end of the year you get some back.
2006-09-15 12:51:11 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Check out a website called www.pavillionpayroll.com. These may be able to help you and reduce your tax liability and have a Q & A section.
2006-09-15 12:57:10 · answer #6 · answered by Anonymous · 0⤊ 0⤋