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by robertlagrant
1799 days ago
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Worth noting that if someone is a contractor they'll need to file taxes, even if they pay themselves a lower wage (and thus wouldn't show up in the high earners stats). If they're an NHS doctor/nurse who also does some private work, same. Or anyone who has more than one employer, or is in the gig economy. It's not vast swathes of people, but I think it'd be more than 2 or 3%. |
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It can be more tax efficient to file tax paperwork, but I don't want to do paperwork, so I just had an umbrella employ me when somebody insisted on hiring me as a "contractor" and the umbrella handled the paperwork for which of course they keep a fee. As far as the government is concerned I just had two PAYE employers, the umbrella and my "real" job.
Having multiple employers also does not require filing taxes. One of the employers gets given a zero tax code and they tax all your pay at full rate, the other one gets a normal tax code which reflects your personal allowance and other considerations. My tax code was oscillating all over the place - but that's not a problem it's all automated.
If you love paperwork you can choose to do all the paperwork. Or if you love money and don't hate paperwork maybe you can save a few hundred quid by filing and I hope it makes you happy. I hate paperwork, and I have plenty of money. So, no, despite earning a lot of money and having worked as a contractor I preferred to stick with PAYE.