tax ..... am i right in thinking

[CAZMCA]

that the taxable limit is 5715 and if i don't earn any more than this i do not pay tax?

i am so confused ...... and i trained as an accountant lol :eek:

[estrelas]

that the taxable limit is 5715 and if i don't earn any more than this i do not pay tax?

i am so confused ...... and i trained as an accountant lol :eek:

I think thats right, but your expenses come of it anyway so you can earn more and not pay tax

[sarah707]

The personal allowance for 09 - 10 is £6,475 according to this source :D

http://www.bytestart.co.uk/content/taxlegal/9_15/income-tax-allowances-2009-10.shtml

[TheBTeam]

£6475 is the taxable limit for the 20%tax, but the £5715 is the limit for paying 8%class 4 nat ins contributions, so guess you could be in a position where you pay some nat ins but not tax.

[CAZMCA]

thats great thank u xx

[bexcee]

£6475 is the taxable limit for the 20%tax, but the £5715 is the limit for paying 8%class 4 nat ins contributions, so guess you could be in a position where you pay some nat ins but not tax.

Thank you from me too:jump for joy:

[angel9199]

I have been going through my books and as this is my first year childminding I have had a lot of expenses so once I take my expenditure from my income I am under the £6,475. (just) my question is will I pay 8% NI class 4 on the amount £6,400 which is my profit or do I take their allowance of £5,715.00 off my amount and pay 8% of that.

I am sorry this is probably very confusing

[Minstrel]

You take the allowance off and pay 8% on the remaining profit :thumbsup:

[Chatterbox Childcare]

I have been going through my books and as this is my first year childminding I have had a lot of expenses so once I take my expenditure from my income I am under the £6,475. (just) my question is will I pay 8% NI class 4 on the amount £6,400 which is my profit or do I take their allowance of £5,715.00 off my amount and pay 8% of that.

I am sorry this is probably very confusing

If this is your first year you should have no problems - just get below 5715 profit

Anyone problems pm me

[angel9199]

Can i ask another question please.
I found the list of things we can claim for and realised I have not claimed for quite a few things I could have e.g. childrens cutler (which is fine as it is under £10) but the likes of magazine subscriptions could I put down magazine £price and then say number of months beside it or is it too late?

[Chatterbox Childcare]

Can i ask another question please.
I found the list of things we can claim for and realised I have not claimed for quite a few things I could have e.g. childrens cutler (which is fine as it is under £10) but the likes of magazine subscriptions could I put down magazine £price and then say number of months beside it or is it too late?

Just put it in the final month