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

[Summerfruit]

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

bump

Sounds as though you need an accountant tbh summerfruit.

6500 is tax free

not sure how many k is 10%

then rest 25%

£1193 tax

£722 ni

There isn't a 10% band anymore.

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

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

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

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.

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 !