A few questions for you clever lot =D

[boageymonster]

Just a few question I need help answering please
1- how much do you put down for meal/snacks? I'm thinking of £1 snacks £1.50 lunch £2.50 tea
2- is there a maximum amount of miles you can claim for?
3- roughly how much of your annual income do you manage to deduct for expensises? I'm on course to earn approx £14k this yr before detections hoping to be able to get that down a lot so I don't have a huge tax bill


Many thanks for your help guys =D

[Chatterbox Childcare]

Just a few question I need help answering please
1- how much do you put down for meal/snacks? I'm thinking of £1 snacks £1.50 lunch £2.50 tea

We all do it differently - read through other posts on this subject in bookeeping

2- is there a maximum amount of miles you can claim for?

no claim what you actually do - 10000 miles @ .45p and the balance at .25p

3- roughly how much of your annual income do you manage to deduct for expensises? I'm on course to earn approx £14k this yr before detections hoping to be able to get that down a lot so I don't have a huge tax bill

It is what it is but I would expect 40-50% of this amount to be expenses


Many thanks for your help guys =D

Hope that helps - we all do things differently so we are all different

[rosebud]

My expenses are around 35 -40%

[Chatterbox Childcare]

My expenses are around 35 -40%

Then yes you will have a tax bill but working on the 40% as a rough guide I would of thought £500 would be a fair estimate to be paid

£14000 x 40% expenses = £5600 = £8400 less allowance of £6475 = £1925 profit taxable. I allow 25% for ni and tax which is £481.25.

This is only a rough guide.

Have you taken your £1400.00 wear and tear off in expenses as this will reduce the £1925 to £525 and the tax on that will be approx £131.25

[TheBTeam]

Tax allowance is £7475 in 11/12 tax year (so 6/4/11 to 5/4/12)

with NI starting at 9 % on amounts over £7225 for 11/12

[boageymonster]

Thank. U no I hadn't taken the wear and tear off and I thought the tax limit had gone unto 7.5 k nearly aswell