Do I report PAYE employment in the tax year as well?
Hi, I have a hobby business which is UK based and requires a Tax return each year. On completing this I am also asked to include all employment income (even if taxed at source) which I did. The hobby business made a small loss therefore no tax required on this; however the calculation taken from figures of the P45 and P60 claims that I have somehow underpaid my annual tax in the two jobs in which I was employed and now owe a lump sum of over £600 to be paid by 31 January 2018. The only reason I self assess is because of the hobby business. I was under the impression that any tax issue relating to employment is sorted by the appropriate employers. Can you please advise if I have to pay this 'underpaid' tax or is there a way I can remove them from my return legally and just report the business? Thanks
Re:Do I report PAYE employment in the tax year as well?
With the information provided here it is not possible to state why the underpayment has occurred. If this is unexpected then I would suggest that you contact the helpline to discuss this and they will be able to check why the underpayment has arisen. They can be contacted on 0300 200 3310.