I’ll be due a tax rebate at the end of the tax year, but I’ve also started as self employed. I’ve got a crazy excel sheet figuring everything out, on the basis that I’ll need to pay tax on the self employed stuff, and then just claim the rebate at a later date.

Is that correct, or at the end of the year would I just subtract the tax I owe from the rebate and either send the difference, or claim back the difference of what is owed? (hopefully the former there if it’s this option, means I’m earning! 😆 )

I suspect, the first option is correct? ie just deal with them separately?

Assuming the rebate is from a previous year, then just take the rebate now.

If the rebate is due on this year, it’ll all come out in the wash when you do your tax return.

Are you paying yourself via an EBT? 😉

😆

it’ll all come out in the wash when you do your tax return.

aye it’s from this year, so it’s not due yet, I’m specifically wanting to know how it’ll come out in the wash tbh.

not that it matters a great deal, I’m firing tax into a tax account on the basis that I’ll need to pay and claim it back anyhow. I was just wanting to specifically know how it’ll get dealt with.

Different sections of the tax return – IIRC, it’s one bucket of income tax at the end once you filled out each section, but I haven’t had to do one for a while…

<span style=”text-decoration: underline;”>PAYE </span>

Tax due  £5000

Tax paid £7000

<span style=”text-decoration: underline;”>Self Employment</span>

Tax Due £4000

<span style=”text-decoration: underline;”>Total tax bill</span> = 5000+4000-7000 = £2000 to pay.

cool, cheers.