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I'm feeling a bit scared here...Tax question

(29 Posts)
offandcold Thu 17-Jan-13 09:33:26

Hi there,

I really hope you can help me ! I'm a cm and before anyone says anything I'm off today smile so no children. Last year, I paid about 1100 pounds of taxes.

This year I was expecting to pay the same as my turnover is almost the same as year and my expenses the same so I have saved accordingly.

However I have filled my tax return and it says that I owe them 3.700 ??

Out this amount, 2.500 pounds is for class 4 and student loan !

Is there something wrong with it ?

MrAnchovy Thu 17-Jan-13 17:16:42

Total allowable expenses is exactly £7,900 which seems strange - this figure should be everything you have spent on allowable expenses PLUS £2,332 which is 10% of your income as wear and tear allowance.

Do not use listentotaxman, that site is for employees not the self employed.

As a really quick and rough way of working out the total tax and NI for the year, take your profit of £16,000, take off £7,500 to get £8,500 and multiply this by 29% to get £2,465.

What was your profit last year?

offandcold Thu 17-Jan-13 19:54:50

Hi Mranchovy,

My profit last year was 15691 pounds.. I have accepted that I'm going to pay a huge bill..a lesson has been learnt !

Willdoitinaminute Thu 17-Jan-13 20:18:50

What dates do you use for your accounts? When is your end of year?

teenagersmother Fri 18-Jan-13 07:50:08

Your profit seems veryhigh for childminding. Are you sure you have offset all of your allowable expenses ? Might be worth checking out further for future reference.
(Sorry if that sounds rude, it's not meant to)

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