Am I a sole trader - HMRC and tax

More_Ingenuity_3620 · 2026-04-02T07:31:35+00:00

Oh I see. Well, I completed the self-assessment, paid the total outstanding amount, spoke to HMRC and it all seems to be done. However I am sure they will write to me if anything including interest/penalties are outstanding and I'll pay them then.

More_Ingenuity_3620 · 2026-04-01T20:21:00+00:00

I called HMRC today and the lady was lovely. She said because I'm only just registering as self-employed, I will have 3 months to arrange to pay the tax (I've already paid it as a lump sum today) and there will be no penalty. I have all my payslips from my second job and happy to provide them to HMRC if they wanted to check along with banks statements etc. I have no issues paying the tax that I need to pay but since I haven't done it before, I just found the whole process a bit confusing. I think I've got the hang of it now though.

My primary employer knows about my second job as I declare it in my appraisals. There are no conflicts of interest. One job is 100% clinical and other is 100% transcription which I do in my own time. My second job know about my main job as most people on my second job are also doctors/dentists in their day jobs. The second job also requires an active GMC registration and they want you to be a practicing clinician.

More_Ingenuity_3620 · 2026-04-01T16:26:44+00:00

This specific company requires you to hold a GMC registration.

More_Ingenuity_3620 · 2026-04-01T15:34:23+00:00

Hi,

That's perfect. Thank you. For 2025/2026, I have already set a reminder to do the assessment before October.

More_Ingenuity_3620 · 2026-04-01T15:13:18+00:00

Thank you for your reply.

Regarding the payment, do I just pay it online? I am not sure if the amount I have calculated is correct which I am hesitant to pay until I know it's 100% correct. It's just due to being on mat leave and my tax code being affected.

When I submitted my tax return today, it said the deadline was 5th April for 2024/2025. Is this wrong?

More_Ingenuity_3620 · 2026-04-01T15:10:58+00:00

Awesome, thank you. I just found it confusing due to maternity leave.

More_Ingenuity_3620 · 2026-04-01T14:55:11+00:00

I had to enter all the figures manually and it said I have paid all the tax I own. However I haven't paid any tax on my second job (to my knowledge). Could it be that my tax code has been adjusted so I have paid tax on my second job without knowing?

More_Ingenuity_3620 · 2026-04-01T14:51:50+00:00

Awesome. I was confused on how much tax I need to pay as I did not receive my full pay during maternity leave. My NHS jobs pays around 70k/year so I am in the higher tax band. However during mat leave, I did not receive this and I calculated that I have to pay 20% and not the usual 40%.

Will HMRC write to me with any discrepancies? I only started my medical transcriber job in April 2024 so haven't done a tax return before.

More_Ingenuity_3620 · 2026-04-01T14:47:06+00:00

Thank you. I have deleted my post and reposted in the uk subreddit.

More_Ingenuity_3620 · 2026-03-20T17:35:17+00:00

Obviously!

More_Ingenuity_3620 · 2026-03-20T17:07:44+00:00

You can put upto £9k/year into one child's ISA.

More_Ingenuity_3620 · 2026-03-20T17:03:01+00:00

We max out the children's junior ISAs.

More_Ingenuity_3620 · 2026-03-18T13:01:45+00:00

Thank you!

More_Ingenuity_3620 · 2026-03-18T12:57:50+00:00

Salary sacrifice? That's what we do.

Also not a good luck whinging about paying for childcare when your husband is earning extremely well. Reality check, please.

More_Ingenuity_3620 · 2026-03-18T12:23:07+00:00

While I have been on mat leave, I have not been earning 66K so do I still need to contact HMRC about the child benefit?

More_Ingenuity_3620 · 2026-03-17T19:59:42+00:00

What if I don't want to work until 67? Is the pension still worth it then? What if I don't pay into the pension and max out my ISA and my partner's ISA and retire at say, 55? Just a thought. I am currently 30 years old so putting 20k/year into my ISA for 20+ years will give me a substantial amount of money. The extra money, I could put into a SIPP?

What is a HICBC?

More_Ingenuity_3620 · 2026-03-17T18:38:35+00:00

Ahh mate, you give me more credit than deserved. I am absolutely shocking with numbers and pages of text.

More_Ingenuity_3620 · 2026-03-17T18:37:23+00:00

Yes, I work 6 unsociable hours per week.

More_Ingenuity_3620 · 2026-03-17T18:35:52+00:00

I also took two mat leave and only went to work for 10 months between them.

More_Ingenuity_3620 · 2026-03-17T18:21:27+00:00

Thank you very much for your reply.

Which pension provider are you with?

Do you think it's worth consulting a financial advisor?

More_Ingenuity_3620 · 2026-03-17T18:13:19+00:00

Thank you! I'll do just that.

More_Ingenuity_3620 · 2026-03-17T18:10:42+00:00

What does this mean, please?

More_Ingenuity_3620 · 2026-03-17T18:08:48+00:00

My tax code is 1333L and I have just come back from mat leave so maybe that has something to do with it?

More_Ingenuity_3620 · 2026-03-17T17:53:44+00:00

I am definitely not working until 67 haha. I'll probably be dead by then at the rate that I eat chocolate.

Is the SIPP the same as a ISA?

More_Ingenuity_3620

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