What type of taxpayer am I classified as?
By Marc Sevitz · Updated
I have 3 different forms of income:
1) 35 Hours a week I work for a company on their premises (almost as a full time employee) and invoice them every month. 70% of income. The do not withhold PAYE as of yet.
2) 5 Hours a week for another company, Invoiced for as well. 15% of income and they withhold 25% PAYE.
3) After hours work for another company, this fluctuates but on average accounts for 15% of my income.
No PAYE withheld as of yet.
I have read about PSP's , contractors and being a sole proprietor but the requirements overlap quite a bit, it would be great if I could get this down to determine if changes need to be made.
Currently I am setting the supposed PAYE tax aside for the eventual payment in tax season, but also not sure if this is the correct or best way to go about it.
Based on your various forms of income and no set remuneration (salary) from which your various employers deduct PAYE you would be considered a provisional taxpayer and file two further returns a year.
Great thank you.
Only a pleasure!