could someone explain how a mini ISA works to me - think I am confused..

[fairylights]

I took out a mini ISA about a month ago and understand about only being able to put in £3000 a year, but I thought that after 1st April I could put more in, but having tried to put more in today it (internet banking)wouldn't let me and now I am wondering if the "year" starts on the date you took out the ISA? Can anyone tell me? I guess I can just open another one now as its 1st April anyway but would get more interest if i add to the first one i figure. TIA!

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really no worries pelafina! Glad you could get some helpful advice.. glad i am not having to worry about tax returns for myself or DH, i did once own a house that i rented out and trying to work out the tax for that nearly finished me off - needless to say it got sold

You work out the expenses, take them from 36k. You then take off his personal tax allowance and he pays 20% on the rest.

If he has only recently started being self employed then it will be some time before he needs to do his first self assessment I think. When he does he will pay the tax due for that tax year, National Insurance and then they ask for 50% of the tax on account for the next tax year and a further 50% on account at the end of June.

Eg. my DH started being self employed 1 July 2006. The first tax return was 06/07 which the deadline was 31st January 2008. He had been paid by PAYE from 6th April 06 to 30 June 06, so the self assessment was for 1 July 06 to 5th April 07. National Insurance was then added on . He paid those two amounts and half of the tax on account for 07/08. His next 07/08 payment is due end of June 08. So when it comes to getting the 07 - 08 tax return in he will only pay the balance due plus the national insurance (I think that is separate to the payments on account). He will then also pay another 50% on account and it carries on from there.

Hope that makes some sense. I deal with my DH's tax and I know what a nightmare it is. I think we are going to get an account as I am self employed as well and there was some very tense evenings in the Teapot household this January.

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Just a word of caution. Check out the National insurance. DH pays monthly but there is some more that comes up on the self assessment form I've found.

I think it is Class 2 £2.20 a week (DH pays by direct debit). Then with the tax it is Class 4 from £5, 225 to £34, 840 @8%, then 1% above that. I thought for a lovely moment that I had saved too much for DH this year but had forgotten to account for the NI.