How much can i earn?

[kats]

Hi does anyone know how much i can earn before i start paying class 2 insurance and how much before i have to pay tax and also are my earnings,for tax purposes assessed,after i take out expenses or before. am i making sense?
kats xx:)

[sarah707]

Useful stuff here -

http://www.direct.gov.uk/en/Nl1/Newsroom/Budget2008/DG_072925

You need to check your individual national insurance status - you can get advice and links to a pension forecast here -

http://www.thepensionservice.gov.uk/

There are different rules depending on whether you are / have been married, when and how long you worked, whether you have chidlren at home, whether your children are registered disabled... best speak to the experts.

Tax is worked out... total income - total expenses = total for tax purposes.

Hope this helps! :D

[Tickles]

Hi, the way i have always worked it & it shows this on my tax self assessment is:

total fees - total expenses - personnal allowance[ im sure it's about £5275 or something like that]
then you will be taxed on the amount that is left

Hope that makes sense? Every working person is intitled to a personnal allowance as stated above & you will find the exact amount on the tax website. it should also tell you about NI

[kats]

Thankyou thats helped me work it all out better:)