Amount we earn befroe taxed

[Joannechildmind]

Does anyone know the amount we can earn before we are taxed?

Think its around £6000 but not sure

[Joannechildmind]

sorry just found it £6475,

I have earnt £6995 this year does anyone know how much tax im likely to pay?

[Minstrel]

dont have a calculator to hand but minus the personal allowance from your profit and divide by 5 (20%).

You'll also need to get the NI limit and work out that ans that is 8% of profit once the personal allowance is deducted. x

[Joannechildmind]

You'll also need to get the NI limit and work out that ans that is 8% of profit once the personal allowance is deducted. x

Sorry i dont understand this, had a day and a half today lol

[funemnx]

Have you included all your expenses in this? If you haven't you won't have to pay any tax at all. If you do it on line, you'll be given an amount at the end, but it won't be much

[Minstrel]

Sorry i dont understand this, had a day and a half today lol

You have to pay your National insurance bill at the same time as your tax bill. The personal allowance for this is around £5415 or something like that. Any profit over this will need national insurance paid on it at a rate of 8%.

hope this helps!

[Joannechildmind]

You have to pay your National insurance bill at the same time as your tax bill. The personal allowance for this is around £5415 or something like that. Any profit over this will need national insurance paid on it at a rate of 8%.

hope this helps!

I pay my national insurance monthly at £9.60 per month

[Joannechildmind]

Have you included all your expenses in this? If you haven't you won't have to pay any tax at all. If you do it on line, you'll be given an amount at the end, but it won't be much

yes my expenses were over £2000 am trying to remember if there is anything i have forgotten to include.

Am off to check the booklet in the free downloads there must be something i have forgotten that gets my bill down.

[Minstrel]

I pay my national insurance monthly at £9.60 per month

This will be your class 2 contributions.

Class 4 also need to be paid but this is based on your yearly profit and so cannot be calculated until the end of tax year.

[Joannechildmind]

This will be your class 2 contributions.

Class 4 also need to be paid but this is based on your yearly profit and so cannot be calculated until the end of tax year.

oh i see i never knew that , gosh thanks for that i hope i didnt have to pay that last year or year before !!!

[Tatjana]

Have you taken off 10% for wear and tear?

xx

[Mookins]

oh i see i never knew that , gosh thanks for that i hope i didnt have to pay that last year or year before !!!

i didnt realise that either...will put it in my notes
x x x

[mama2three]

a minder has told me she puts her class 2 contributions through as expenses. doesnt seem right though ......anyone?

[Minstrel]

a minder has told me she puts her class 2 contributions through as expenses. doesnt seem right though ......anyone?

Def not allowed!!

I know lots of people who have checked and its a def no.

[green puppy]

a minder has told me she puts her class 2 contributions through as expenses. doesnt seem right though ......anyone?

I don't think this is right! I think Debbie answered this query on another thread.

[Joannechildmind]

Have you taken off 10% for wear and tear?

xx

Yes have taken £1040 off for wear and tear 10% of my yearly earnings

Still have £300 im gona be taxed on.

[auntym]

Yes have taken £1040 off for wear and tear 10% of my yearly earnings

Still have £300 im gona be taxed on.

you earned only 10400, and are paying tax, your sure you missed NOTHING out

[Joannechildmind]

gona go back through them i must have missed something. aaarrrrggggg i hate this time of year!!! lol

[miffy]

a minder has told me she puts her class 2 contributions through as expenses. doesnt seem right though ......anyone?

Definitely NOT allowed! (shame)

Miffy xx

[nikim]

oh i see i never knew that , gosh thanks for that i hope i didnt have to pay that last year or year before !!!

i thought the same as you and got stung this year for last years ni that i hadnt paid too !!!