How much do i need to put away?
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  1. #1
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    Default How much do i need to put away?

    I really need help getting my head around my tax return.

    For example for the year...

    Payments from parents = £15000
    Wear and tear 10% = £2,250
    Bills and allowable expenses = £2750

    Profit is £10,000 which is personal allowance.

    So I don't have to pay any Tax?

  2. #2
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    Default

    Quote Originally Posted by clare83 View Post
    I really need help getting my head around my tax return.

    For example for the year...

    Payments from parents = £15000
    Wear and tear 10% = £2,250
    Bills and allowable expenses = £2750

    Profit is £10,000 which is personal allowance.

    So I don't have to pay any Tax?
    payments from parents £15,000
    wear & tear10% will be £1,500
    Bills and allowable expenses = £2750

    and personal allowance will be £10,000

    so you might need to pay a little tax and maybe a little extra NI.

    I aim to save about 10% of my monthly income towards my tax bill. Then, when I have submitted my tax, i can pay it off, and should then have extra left over to put into a savings account or spend !!!

  3. #3
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    I think you posted this on facebook too and got lots of answers. What you are saying in general is correct as long as you changed your expenses and wear and tear to the correct figures but NI isn't worked on £10000 allowance, it is less so you would pay ni.
    Debbie

 

 

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