Oh Poo!!

[Mollymop]

It looks as though I will be paying tax for this year!

Doing my accounts and I am at £5190 profit already for this year and that's with ALL I can think of that needs deducting

If it carries on this way I will end up paying around £1000 in tax next year and I don't want to!! it's not fair!!!

[miss mopple]

Me too

Ive had to pay tax (and alot of it ) for the last 3 years now.

I am actually cutting back on my volume of work as Id rather have a lighter load than shell it all out on tax

[HomefromHome]

i'm paying tax for the first time - didnt account for the class IV NI though!!! grrr (thought as i was paying voluntary each month that was it!) doh!

[Mollymop]

I am actually cutting back on my volume of work as Id rather have a lighter load than shell it all out on tax

That was what I was just thinking!! What is the poing in taking on and earning a little extra than the year before when you end up paying it back in tax - feels like I am working for nothing sometimes

[Straws]

I think next year 2010/2011 I will end up paying tax.... again thinking of cutting my workload and not replacing some who leave next september ........ I'd begrudge paying tax. Just out of curisoity what percentage is everyones expenses? mine was 53% last year

Straws xxx

[Jelly Baby]

Hi i have paid it every year since starting and last year was the only year i didnt have to..lighter load now though which i much prefer! % wise i have no idea!

[miss mopple]

Last year mine was 50% Straws. On target for the same this year.

Quality of life and more family time is definately more appealing than flogging myself and now we have paid some major debts off I can relax a little and work less

If DH had his way I wouldnt childmind at all and would be a kept woman

[Mollymop]

I grossed £9700 last year and profit was £4600. So % wize just over 50%

This year my expenses are not as much, yet anyway

I took on new children last month which is going to start pushing my income up by about £150 a week.

So worried I am going to end up with a gross of about £15000

Hope I am not that lucky to be honest

[Tink]

How much can you earn before you have to start paying tax?

[kindredspirits]

personal allowance is a little over £6000 i think.
Mollymop looks like you need to go on a little spending spree!! work out how much tax you will need to pay and spend it on toys instead - might as well not let mr. tax man take it!!

[youarewhatyoueat]

If you're paying tax you are still better off than not earning it and being below the tax bracket as its only a % of your earnings not all of it.

[cuffleygirl]

buy something darn quick! - something big!

[PixiePetal]

If you earn over a certain amount you have to pay for that year and also half of the next year based on current year so 1 1/2 times what it should be. Watch out, friend has been stung for huge bill this time

(not sure of exact details? but watch out and put extra by if you are earning lots )

[miss mopple]

Yep, that gets me every year Pixie. If your tax bill is over £500 they ask for 50% of the following years estimated bill up front

[madasahatter]

If you're paying tax you are still better off than not earning it and being below the tax bracket as its only a % of your earnings not all of it.

That's my thought's too. My gross is around the 17K mark and around 9 to10K after expenses. Quite a chunk of my expenses are things that directly or indirectly benefit my family. If I went out to work I am certain that my electric and gas bills would not be much cheaper than now. I wouldn't be able to deduct part of the water rates and council tax. We would have far fewer toys/games etc that my DS can also play with. In the hols I wouldn't be able to claim for trips out that DS also enjoys and yes there are lots of things that I buy purely for the minded children. How many other self employed workers can immediately deduct 10% of their gross income and put it down as wear and tear? That's like giving me an extra 1.7K on the tax threshold.

I know it's hard giving our hard earned money to the tax man but it's much easier if you put something away each month. After all we should all contribute towards all the things we often take for granted....NHS, old age pensions, child benefit to name but a few.

[Blackhorse]

If you're paying tax you are still better off than not earning it and being below the tax bracket as its only a % of your earnings not all of it.

thanks for saying this.

I'd rather earn more and pay a bit of tax then earning less...

and I also agree with Madasahatter!!

[miss mopple]

I do see that side but in all honesty, although the money is nice I personally would rather earn less and have more time with my family.

I have flogged myself over the years as we needed the money. We still need me to earn, but fortunately we are getting to a stage in life where DH can afford to support us alot more financially so I dont have to earn as much. I am still very busy, but am making a conscious decision to turn extra work away now as I just dont need the money enough to forfeit my precious quality time (not to mention my sanity )

[ajs]

That's my thought's too. My gross is around the 17K mark and around 9 to10K after expenses. Quite a chunk of my expenses are things that directly or indirectly benefit my family. If I went out to work I am certain that my electric and gas bills would not be much cheaper than now. I wouldn't be able to deduct part of the water rates and council tax. We would have far fewer toys/games etc that my DS can also play with. In the hols I wouldn't be able to claim for trips out that DS also enjoys and yes there are lots of things that I buy purely for the minded children. How many other self employed workers can immediately deduct 10% of their gross income and put it down as wear and tear? That's like giving me an extra 1.7K on the tax threshold.

I know it's hard giving our hard earned money to the tax man but it's much easier if you put something away each month. After all we should all contribute towards all the things we often take for granted....NHS, old age pensions, child benefit to name but a few.

these are national insurance costs they don't come out of our tax, i'm pretty sure tax covers things like defence, and paying politicans etc

i agree i would rather earn more and pay a little tax then not earn it but it is painful paying the tax man anything

[Lou]

Why dont you just pay an accountant!!!!! I always say this when these type of threads come up and i dont want to harp on but seriously it makes so much sense.

Yes you may have to pay maybe £60/£70 to an accountant but you can put that through too, and you will end up having to pay very little if any tax!!!!

[babs]

Yep, that gets me every year Pixie. If your tax bill is over £500 they ask for 50% of the following years estimated bill up front

i think this is wrong u sudnt pay upfront for next years bill as when u work for someone u dot pay in advance... then what happens if u lose a mindee