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CM CLUB:How much tax would you pay on..

(66 Posts)
PinkChick Sat 02-Aug-08 08:40:00

Approx £10-£11'000?

trying to do online, theyve invalidated my password as i hadnt used it and trying to find out how much i can spend out of tax savings on new stuff???

KatyMac Sat 02-Aug-08 09:22:43

Normally I'd do an estimate - but the rules just changes & I don't understand them any more sad

MrsFluffleHasAWuffle Sat 02-Aug-08 11:08:46

11,000 about 1100ish

changedmenameforthis Sat 02-Aug-08 12:09:03

i paid 1100 on 32k last year

MrsFluffleHasAWuffle Sat 02-Aug-08 12:21:23

that can't be cmnft

changedmenameforthis Sat 02-Aug-08 12:25:43

why not? my accountant claims for everything. i know people on same sort of money who paid virtually nowt. but i like mmy accountant so will givw him another chance this year lol

PinkChick Sat 02-Aug-08 14:28:54

Shit, if that IS the case im short then!..i thought £700 max?..got about £1000 but thought id be way ahead???????????

PinkChick Sat 02-Aug-08 14:30:27

hang on tho, you dont pay anything for the first 5000 something? so the rest is based on the other 5-6..is it 8? 10%?..so wouldnt it be more like £500 something??argh, wish i could just get on line to do it

Shoshe Sat 02-Aug-08 14:39:36

I've never paid tax (actually not true, one year I did as I didnt claim for all expenses as wanted to get a mortgage)

I calim for EVERYTHING, it is easier for me as have no children at home, so everything child related goes against tax.

And yes have been audited and passed grin

PinkChick Sat 02-Aug-08 14:46:31

well i earned about £15'000, could claim for £5000 ish..how on earth does anyone get it down so low not to pay tax????

Shoshe Sat 02-Aug-08 15:04:16

I must admit I do three round trips of 10 miles a day for school runs in the September Term and 2 round trips the rest of the time, at 40p a mile it soon adds up.

Plus as we are rural we have to go further a feild for most activites so have a HUGE mileage claim.

Plus I claim for all food, for two meals a day for 3 children and breakfast and snacks for up to 4 more.

Expenses for equipment, toys, toilitries comes to quite a bit, I do put alot back into my busisness.

MrsFluffleHasAWuffle Sat 02-Aug-08 15:05:19

32k is your income then not your profit cmnft wink totally different things

Pinkchick is that 10-11k your income in total or your profit ( with expenses already taken off?)

personal tax allowance this year is £6350 and everything after that is at 20%.

hth

MrsFluffleHasAWuffle Sat 02-Aug-08 15:06:47

Sorry Pinkchick, you did say it was after expenses, didn't see.

There is a very good list of what you can claim knocking around somewhere on a CM forum, I'll see if I can link to it

PinkChick Sat 02-Aug-08 15:08:25

ooh 20%!!!!!!!!!!!! had not been informed of that(or have i been not listening??)..iearned £15'000say, i took £5'00ish off for expenses, equiptment so on, so left approx with £10'000?

PinkChick Sat 02-Aug-08 15:09:55

Sokay Mrssmile..so do i deduct the £6350? as the other £5k(when it was £15k) has already gone/come back in via food/repair/toys etc

PinkChick Sat 02-Aug-08 15:11:17

Wow, if its based on the remainder of my balance it is just over £1100!!!shock

MrsFluffleHasAWuffle Sat 02-Aug-08 15:18:40

childmindinghelp.co.uk/forum/showthread.php?t=2734

that should work!

And check this one out too www.hmrc.gov.uk/manuals/bimmanual/BIM52751.htm

And this is very interesting re Mortgage interest relief - I know we can claim portion of rent but now it seems we could claim portion of mortgage too

www.hmrc.gov.uk/manuals/bimmanual/BIM45745.htm
Which is all very interesting!

PinkChick Sat 02-Aug-08 15:20:47

ok, just checked my acocunt online, im only about £40 off that amount(if that IS the amount i have to pay, wont really know until i do it online i guess)..bit gutted though as i thought i had saved way above what i needed, my ignorance i guess, just glad i DID save that muchsmile

PinkChick Sat 02-Aug-08 15:23:06

that Mrs, will ready those later when more time, but quickly glanced..did that say we can claim mortgage interest?

MrsFluffleHasAWuffle Sat 02-Aug-08 15:25:00

yup Pinkchick as I said above sorry!

so if you are left with 10k and take off the 6350, you are being taxed at 20% on whatever is left.

Read the above links and see if you can claim for anything else to bring it down. Don't forget that if you have bought secondhand and bootsale stuff you don't need reciepts and also small purchases under £10 you don't need to provide reciepts for, so make sure you ahev rememebred all those little things you have bought wink or make some up!! ooh no I didn't say that! grin

PinkChick Sat 02-Aug-08 15:27:33

LOL..thats what my business advisor said to me when he told me the amount you can earn before submitting receipts had gone up to £30k+smile..dopnt know if i could do thathmm...

MrsFluffleHasAWuffle Sat 02-Aug-08 15:28:33

Yup Pink ( may I call you Pink? lol)

there are examples on hwo to work it out here www.hmrc.gov.uk/manuals/bimmanual/BIM45750.htm
looks like you can get quite a fair whack off with that grin

Shoshe Sat 02-Aug-08 15:29:41

It's just being a 'creative' accountant PC grin

PinkChick Sat 02-Aug-08 15:30:49

ooh, i lurve you twogrin..and yep, ive been calling your Mrs, you can call me pinksmile..thansk for that, will def look into that now before i submit!

Shoshe Sat 02-Aug-08 15:32:11

PC look here

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