how dumb do i feel

[Mookins]

but when i put all my receipts through the accounts...the items i can claim for ie percentages , start up costs etc...do you get the money back as in a cheque/dd ?:blush:

its all new to me and cant see how you benefit from the percetnages off your bills if you have already paid them if you dont get the monies back...am confusing myself x x x

[Blaze]

You don't get the money back it just means you pay less tax or none at all...you need Debbie to explain it better!

[Mookins]

bless...shes been a gem as has everyone

x x x

[Blaze]

Tax is her thing:thumbsup:

I will try ....basically over a certain amount of money earned you have to pay tax & the more you earn the more tax you pay...by taking of all your expenses you lower the amout that you have to pay tax on - so all the percentages add up & make a big difference to your tax bill IYSWIM:)

[Mookins]

:thumbsup:
i get it...thanks sooo much....much appreciated

x x

[Blaze]

No problem ....Oh & don't ever feel dumb asking a Q - quite often your Q will help a good few others:)

[RedDragon]

Plus, the lower amount you earn after all the expenses taken off means that you may be entitled to Tax credits because Tax credits take into account how much you are earning after tax.

[Mookins]

oh my word...had forgotten all about tax credits...was worried about how we would manage if i didnt get any work or was only on a low income

thanks Rd..probably saved me a question for later on now :laughing: