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Quote from: KS Cleaning on January 02, 2015, 12:37:15 amQuote from: trippyboy on January 01, 2015, 08:42:09 pmSo if my turnover for the year is 47 k, minus my expenses, lets say 8k which leaves a profit of 39 k, minus 10k allowence equals a total of 29k taxable figure at the lower rate of 20 % ??first 10K tax free 10K- 31 865@20% 31 866-39K@40%That is correct but it's not what Trippy is proposing!!
Quote from: trippyboy on January 01, 2015, 08:42:09 pmSo if my turnover for the year is 47 k, minus my expenses, lets say 8k which leaves a profit of 39 k, minus 10k allowence equals a total of 29k taxable figure at the lower rate of 20 % ??first 10K tax free 10K- 31 865@20% 31 866-39K@40%
So if my turnover for the year is 47 k, minus my expenses, lets say 8k which leaves a profit of 39 k, minus 10k allowence equals a total of 29k taxable figure at the lower rate of 20 % ??
Quote from: ♦ChumBucket♦ on January 02, 2015, 12:42:26 amQuote from: KS Cleaning on January 02, 2015, 12:37:15 amQuote from: trippyboy on January 01, 2015, 08:42:09 pmSo if my turnover for the year is 47 k, minus my expenses, lets say 8k which leaves a profit of 39 k, minus 10k allowence equals a total of 29k taxable figure at the lower rate of 20 % ??first 10K tax free 10K- 31 865@20% 31 866-39K@40%That is correct but it's not what Trippy is proposing!! Oops my figures are wrong, it should be first 10K tax free 10K- 41 865@20% 41 866- 150K@40%So Trippy is correct.
Quote from: PoleKing on January 01, 2015, 11:03:08 pmQuote from: ♦ChumBucket♦ on January 01, 2015, 10:57:24 pmQuote from: PoleKing on January 01, 2015, 10:26:36 pmQuote from: trippyboy on January 01, 2015, 08:42:09 pmSo if my turnover for the year is 47 k, minus my expenses, lets say 8k which leaves a profit of 39 k, minus 10k allowence equals a total of 29k taxable figure at the lower rate of 20 % ??Yeah, but don't forget your National Insurance.That's another 9%I found that not much after £50k was better to be limited rather than sole trader.I strongly suggest you both get an accountant!! Me? I have got an accountant. I've mentioned them in this thread.What do you mean?It seems you are agreeing (as you reply "yeah" to the question) that trippy can knock 10k (tax relief) off his overall profit to bring his taxable profits value below the 40% threshold?
Quote from: ♦ChumBucket♦ on January 01, 2015, 10:57:24 pmQuote from: PoleKing on January 01, 2015, 10:26:36 pmQuote from: trippyboy on January 01, 2015, 08:42:09 pmSo if my turnover for the year is 47 k, minus my expenses, lets say 8k which leaves a profit of 39 k, minus 10k allowence equals a total of 29k taxable figure at the lower rate of 20 % ??Yeah, but don't forget your National Insurance.That's another 9%I found that not much after £50k was better to be limited rather than sole trader.I strongly suggest you both get an accountant!! Me? I have got an accountant. I've mentioned them in this thread.What do you mean?
Quote from: PoleKing on January 01, 2015, 10:26:36 pmQuote from: trippyboy on January 01, 2015, 08:42:09 pmSo if my turnover for the year is 47 k, minus my expenses, lets say 8k which leaves a profit of 39 k, minus 10k allowence equals a total of 29k taxable figure at the lower rate of 20 % ??Yeah, but don't forget your National Insurance.That's another 9%I found that not much after £50k was better to be limited rather than sole trader.I strongly suggest you both get an accountant!!
Quote from: trippyboy on January 01, 2015, 08:42:09 pmSo if my turnover for the year is 47 k, minus my expenses, lets say 8k which leaves a profit of 39 k, minus 10k allowence equals a total of 29k taxable figure at the lower rate of 20 % ??Yeah, but don't forget your National Insurance.That's another 9%I found that not much after £50k was better to be limited rather than sole trader.
That's a marginal tax rate of 60%. This means that there's suddenly an extra tax band created for anyone earning between £100,000 and around £113,000.The UK tax bands now go:Income Band Effective Tax Rate £0 up to the personal allowance: 0% Personal allowance up to £37,400: 20% £37,400 up to £100,000: 40% £100,000 up to £112,950: 60% £112,950 up to £150,000: 40% £150,000 and above: 50%
Quote from: ♦ChumBucket♦ on January 01, 2015, 11:56:13 pmQuote from: PoleKing on January 01, 2015, 11:03:08 pmQuote from: ♦ChumBucket♦ on January 01, 2015, 10:57:24 pmQuote from: PoleKing on January 01, 2015, 10:26:36 pmQuote from: trippyboy on January 01, 2015, 08:42:09 pmSo if my turnover for the year is 47 k, minus my expenses, lets say 8k which leaves a profit of 39 k, minus 10k allowence equals a total of 29k taxable figure at the lower rate of 20 % ??Yeah, but don't forget your National Insurance.That's another 9%I found that not much after £50k was better to be limited rather than sole trader.I strongly suggest you both get an accountant!! Me? I have got an accountant. I've mentioned them in this thread.What do you mean?It seems you are agreeing (as you reply "yeah" to the question) that trippy can knock 10k (tax relief) off his overall profit to bring his taxable profits value below the 40% threshold?The way he's written it could be understood to be incorrect. But he's not.47-8-10=29£29k is taxed & NI'd @ 29%Very rough, but he's not far off.
Quote from: PoleKing on January 02, 2015, 11:24:30 amQuote from: ♦ChumBucket♦ on January 01, 2015, 11:56:13 pmQuote from: PoleKing on January 01, 2015, 11:03:08 pmQuote from: ♦ChumBucket♦ on January 01, 2015, 10:57:24 pmQuote from: PoleKing on January 01, 2015, 10:26:36 pmQuote from: trippyboy on January 01, 2015, 08:42:09 pmSo if my turnover for the year is 47 k, minus my expenses, lets say 8k which leaves a profit of 39 k, minus 10k allowence equals a total of 29k taxable figure at the lower rate of 20 % ??Yeah, but don't forget your National Insurance.That's another 9%I found that not much after £50k was better to be limited rather than sole trader.I strongly suggest you both get an accountant!! Me? I have got an accountant. I've mentioned them in this thread.What do you mean?It seems you are agreeing (as you reply "yeah" to the question) that trippy can knock 10k (tax relief) off his overall profit to bring his taxable profits value below the 40% threshold?The way he's written it could be understood to be incorrect. But he's not.47-8-10=29£29k is taxed & NI'd @ 29%Very rough, but he's not far off.You don't knock 10k off your profits!! You get 10k tax relief on the first 10k of profit! It's tax relief not a gift!! So if the higher bracket was 31k he would be paying some tax at the higher rate as he CAN NOT reduce his profit by 10k- he just gets tax relief on the first 10k.
Hi in away from my desk at moment out working but if you google 60% income tax loads of pages come up Cheers
Liberace's ex looking to meet well built men for cottaging meets.