Originally posted by northernladuk
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Two contracts at same time
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What if one has one contract which is inside ir35(paid by umbrella - tax deducted) and another one outside ir35 managed by accountant.
How does tax(self assessment) work in this case?Comment
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Originally posted by kaizenkris View PostWhat if one has one contract which is inside ir35(paid by umbrella - tax deducted) and another one outside ir35 managed by accountant.
How does tax(self assessment) work in this case?
It's pretty obvious, isn't it?Comment
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Originally posted by jamesbrown View PostAn umbrella employment is an employment so IR35 is irrelevant. Accountants don't manage your contracts (MSC legislation). You have a PAYE salary for one and a choice for the other (retain the funds, pay dividends etc.). But if you had one contract that was inside and another that was outside and you ran them both through your own company, then you would receive a deemed payment for the contract that was inside and you'd have a choice for the other.
It's pretty obvious, isn't it?Comment
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Originally posted by kaizenkris View Postthanks for response, Ok so if the first one is umbrella employment and second normal limited company (retain funds, pay dividends etc). When filling self assesment for limited company do we need to mention anything related to umbrella employment? Can they both be operated independantly?Comment
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Originally posted by jamesbrown View PostSure, everything goes in your SATR, including all earnings from your employments. Obviously, if they push you into the higher or further rate bands, you’ll pay higher or further rate tax on any dividends, for example. Strictly speaking, if you don’t have any sources of income chargeable to tax (other than your PAYE employments), then you don’t need to complete a SATR, unless asked, but it’s HMRC’s view that you need to complete one as a company director.Comment
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