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I do complete a self assessment return now, this additional income is likely to be a one off as it is a introductory fee. I also have no associated business costs to claim.
Hi again.Given that the payment will be a one off, there is probably no point in registering as self-employed and you may be as well to simply disclose the payment as other income in your self-assessment tax return. However, if you do that, it will not generate the Class 4 NIC charge which you will be liable for even though you are on PAYE as a company director.What I suggest you do is to call the tax office on the number here and ask them what would be the best course of action. They may say you should register as self-employed (you can do that here) and show a cessation date within the 2014/15 tax year so that the Class 2 NIC charges stop or they may dislcose the income as income from self-employment without registering as such, again showing that the source ceased in 2014/15.It may be that you will pay too much NIC and you should complete a form CA5610 and ask for the NIC position for 2014/15 to be reviewed and for any excess NIC paid to be repaid to you after you have paid it. As you will see here, you cannot claim until after 1 February following the tax year you wish to claim for.I hope this helps but let me know if you have any further questions.