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Hi , just a question because I'm rubbish at maths...If I earn a little bit less than 12000 pounds

9 replies

Summerfruit · 21/04/2009 20:55

between april 2008 and april 2009, how much taxes do you think I owe ? It's my first year as self employed so I'm rubbish ! Thanks for your help ! x

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Summerfruit · 21/04/2009 21:00

bump

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flowerybeanbag · 21/04/2009 22:19

Sounds as though you need an accountant tbh summerfruit.

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SuziSeis · 21/04/2009 22:21

6500 is tax free

not sure how many k is 10%

then rest 25%

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SuziSeis · 21/04/2009 22:22

£1193 tax

£722 ni

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CompareTheMeerkat · 21/04/2009 22:23

There isn't a 10% band anymore.

Is the 12,000 your profit, or your turnover?

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CompareTheMeerkat · 21/04/2009 22:24

You don't need to do your tax return until next January though so you don't need to worry yet.

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Alieight · 22/04/2009 13:37

If 12,000 is your profit, then your tax would be £1,193, as SuziSeis says.

That's 20% tax on £5,965, which is the 12,000 less your personal allowance of 6,035.

For NI, you would be paying Class 2 contributions of £2.30 per week, so £119.60, plus Class 4 contributions of £525.20. That is 8% of £6565. The £6565 figure is 12,000 less the lower profits limit of £5,435 per year.

There's info on NI rates here, and tax rates here. Directgov also has info (although for 09/10 rates) here and here

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Alieight · 22/04/2009 13:39

Oh, and if you want to file a paper return, it's due 31 October, online you don't have to file until 31 January.

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Summerfruit · 22/04/2009 20:36

Hi everybody, thanks for your answers !!!I know I still got time but I don't want to be taken by surprises..and you are right I do need an accountant ! Thank you again !