[darren clarke]

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

[windiewasher]

Earnings will be 17k with the 8 deducted

[darren clarke]

did u earn 25 (employed) + 8(self employed)   or 25 in total for year

[windiewasher]

25 employed nothing self employed but spent 8l  self employed

did u earn 25 (employed) + 8(self employed)   or 25 in total for year

[darren clarke]

ok,  forget what u spent,  did u make any money window cleaning  and how much

[mci services]

0

[windiewasher]

About 100 quid

[darren clarke]

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

[windiewasher]

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

[darren clarke]

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

[darren clarke]

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

[mci services]

get your p46 for the year and it would be easier to work out

[darren clarke]

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

[darren clarke]

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

[mci services]

surely some of that 8k is capital investment though and would change things?

I have no idea

[darren clarke]

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,