I am PAYE software developer. I have recently done some work for my company out of hours, for an agreed sum. I am not a sole trader or a limited company, but I’ve been told as the work was done in my own time, I can invoice the company instead of getting it paid via PAYE. I do a self assessment every year anyway because of family tax credits, so I don’t see it as a problem.
My question is, can I invoice the company as an individual and what are the benefits of doing it this way? I’d presume when I declare the income, it would be taxed at the same rate as my salary? I’m also not sure how I’d declare it.
Any advice would be appreciated.