Stupid tax question....
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  1. #1
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    Default Stupid tax question....

    This is probably going to sounds really stupid but am I right in saying that for 2014/2015 I wouldn't pay tax on the first £10,000 earnings? So if for example (purely made up) I earn £12,000 in that tax year I only pay around 20% tax on £2,000??

    Sorry but i'm new to all this and am finding it hard to work out what I should be putting aside each month.

    Thanks

  2. #2
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    Yes, your figures are right, giv or take.

    HMRC have a tax and NI calculator to help self-employed people calculate roughly how much to set aside ahead of their tax bills:-

    HM Revenue & Customs: Self-employed ready reckoner introduction

  3. #3
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    Great thank you x

  4. #4
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    If your income is £12000 then you can deduct 10% for wear and tear and then with other expenses you wouldn't pay any tax anyway as your income would be below £10K.

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  6. #5
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    Don't forget that anything over the NI level which I believe is £7495 for 14-15 you will pay NI class 4 at 9% on aswell as tax
    Debbie

 

 

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