FIRST YEAR TAX

[mrsh]

Hi, On your first year did anyone recieve any money back on your tax???

The reason I'm asking is my hubby was self employed a few years ago as a roofer and on his first year as self-employed he received just over £2000 back then after that he didn't pay or paid very little.

[sarah707]

You only receive money back if you pay it ... in whatever job you are working.

So if you've been in full time work for a company, for example, then you move to self employment and you earn under the annual threshold for the 2 jobs combined or you've paid too much tax as an employee you might be due a refund.

Otherwise it's whatever you put through your books over the threshold that you get taxed on ...

Hope this make sense

[singlewiththree]

What is the threshold for tax Sarah?

I'm only planning on working part time but it might be better me working more hours if I can claim some of the costs back?

[sarah707]

The latest figures are here -

http://www.hmrc.gov.uk/rates/it.htm