Clean It Up
UK Window Cleaning Forum => Window Cleaning Forum => Topic started by: windiewasher on November 30, 2010, 11:37:16 pm
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if yo spent 8k more than you earnt in the first year,what sort of rebate should you get?
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if yo spent 8k more than you earnt in the first year,what sort of rebate should you get?
didn't you do part of the year paye for an employer, to many variables to answer to be honest but you will not owe anything, well that depends on what you earned paye if anything,
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u dont get a rebate as such, do u have any money saved for the tax
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u dont get a rebate as such, do u have any money saved for the tax
I did because I had paid some of the year paye and the final part self employed. but only on the first year,
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i know what u r saying stu, but we need to know what his trading year is, weather he has done other work, they will ask for some on account, like u said there is a lot to be takin to consideration for his answer
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25k paye
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so u was self employed for the whole tax year apr to mar and u earnt 25 grand but spent 33
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if yo spent 8k more than you earnt in the first year,what sort of rebate should you get?
Might be better to speak with an accountant. If you are due no or little rebate on any tax you may have payed from other employment you might be better off writing some expenses down over more than one year. e.g. van or expensive poles etc. Otherwise you'll get NO tax relief on it.
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Paye paid 25k
Self employed 8k earn nothing
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how much did ur business spend
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the way it works is I am putting my return in for 2009 to 2010 april
so what you earned in that year is what mattered and how much you spent
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[quote author=Blue 8k nothing earned
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ok, so u got 8k worth of receipts or does that inclue what i paid ur self in wages
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Paye paid 25k
Self employed 8k earn nothing
You should be due something then. still might be worth considering an accountant though as to best way to use the 8k for tax relief. ;)
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Yes all reciepts
ok, so u got 8k worth of receipts or does that inclue what i paid ur self in wages
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yes but did you spend that 8k between april 2009 to april 2010 and when did you earn the 25k
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on the 25 k u earnt u would pay approx £6,028, (inc ni) this is assuming u had tax code 6035L
on the 8 k u should pay no tax, as u will have paid enough tax for what u earnt
as they will take the tax year as earning 33 but the amount that is un taxable is 14k leaving 19 tax on 19 is just under 6 grand, u might get a couple of hundred if u are lucky
this is just rough
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Yes both in that year
yes but did you spend that 8k between april 2009 to april 2010 and when did you earn the 25k
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on the 25 k u earnt u would pay approx £6,028, (inc ni) this is assuming u had tax code 6035L
on the 8 k u should pay no tax, as u will have paid enough tax for what u earnt
as they will take the tax year as earning 33 but the amount that is un taxable is 14k leaving 19 tax on 19 is just under 6 grand, u might get a couple of hundred if u are lucky
this is just rough
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then blue monkey is probably right
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no u earnt 25k in a job and 8 self employed therefore earnings for year where 33 k
u paid take in ur job of 6 k and have expenses in self employed of 8 there for it is 14 k
33k earnings - 14 k expensie and tax code =19k which is taxable
33% of 19 k is 6 ish grand inc ni
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Earnings will be 17k with the 8 deducted
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did u earn 25 (employed) + 8(self employed) or 25 in total for year
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25 employed nothing self employed but spent 8l self employed
did u earn 25 (employed) + 8(self employed) or 25 in total for year
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ok, forget what u spent, did u make any money window cleaning and how much
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0
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About 100 quid
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right
ur earnings for the year will be 25100
u might have to file 2 tax returns, 1 for paye and 1 for self employed, the tax u payed on paye will be right,
u have a business loss of 8 k in ur first year, (out of that 8k is any of it wages say from money the business had in bank)
u might get a rebate of about 3 k, 2909 is what u should of paid on that tax year
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Nones. Wages cheers
right
ur earnings for the year will be 25100
u might have to file 2 tax returns, 1 for paye and 1 for self employed, the tax u payed on paye will be right,
u have a business loss of 8 k in ur first year, (out of that 8k is any of it wages say from money the business had in bank)
u might get a rebate of about 3 k, 2909 is what u should of paid on that tax year
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25100-8000-6035=11065 (earning for year) 31% of that is 3430 tax
minus this from what u paid 6028 = 2597 (poss rebate)
it all depends which way u do the calculation
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but u might be better carrying the loss over to the following years,
it can all vary depending on what ur expenses are ie van fuel, etc
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get your p46 for the year and it would be easier to work out
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Gross Pay £25,100.00
Tax free Allowances £14,475.00
Total taxable £10,625.00
Tax due £2,125.00
40% tax rate £0.00
20% tax rate £2,125.00
National Insurance £2,131.80
Total Deductions £4,256.80
Net Wage £20,843.20
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ur biggest prob is becasue u went self employed half way through year
u need to find out ur tax code as well, as that can make a big difference
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surely some of that 8k is capital investment though and would change things?
I have no idea
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it depends on what he has spent it on ie van etc
but he need to go to an accountant
it all depends weather it is a capital investment or capital expendure,
its a bit like tax evasion and tax avoidence,