tax limit this year 10/11

[leo3]

what is the min before you hafter pay tax this year 10/11
dose anyone have a clue how to find out
thanks:laughing:

[SamBaker]

what is the min before you hafter pay tax this year 10/11
dose anyone have a clue how to find out
thanks:laughing:

Martin Lewis had this years Tax allowance on his website last week, can't remember what it was now, I know I'm so helpful lol!
I will try and hunt it out for you.

[SamBaker]

OK just found it on a post it note, (must of been organised last week!!!:eek: ) The allowance this year is £7475, I hope this is the one you mean?

[leo3]

thanks very much
thats gone up alot from the other year

[Chatterbox Childcare]

OK just found it on a post it note, (must of been organised last week!!!:eek: ) The allowance this year is £7475, I hope this is the one you mean?

No this is 11/12 - last year (just finished) is £6475 for tax and £5715 for NI class 4 at 8%

[leo3]

thanks i have tried to find this on tax sight but couldnt.
thank good im below both

[SamBaker]

Ooooops!! Sorry, useless arn't I, didn't read the date properly, at least there are some sensible people here lol!

[bigwinnie99]

Thanks Debbie, i have just filed mine online. Didn't have to pay any tax back this year but have to pay £17 class 4 NIC. Couldn't understand why, been on my mind all day!!! Thought if you didn't have to pay tax, you didn't have to pay class 4 NIC. :blush:

[MrAnchovy]

For 2010/11 most people start paying Class 4 NI at £5,715 of profit but only pay Income Tax above £6,475.

For 2011/12 the limits are closer (and higher :D) - £7,225 and £7,475.