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silky
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Joined: 14 Oct 2006
Posts: 1
Cash Points ££ 36.64
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 Posted: Sat Oct 14, 2006 11:31 pm Post subject: self employed tax question ???? |
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i have a full time job and pay tax through paye,
i am thinking about starting a part time buisness on a night and weekend , i think the most i would earn is about £1500 a year .
what tax implications are there,and can you write some of your equipment off againt the tax bill each year , any advice would be very welcome .
thanks |
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Sarah
Money Manager
Joined: 16 Jul 2004
Posts: 831
Cash Points ££ 12024.38
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| Posted: Sun Oct 15, 2006 2:06 am Post subject: |
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yes you can write your capital off, the % per year depends on what the capital is.
Whne you go part self employed you will be taxed on you extra income / profit at your highest tax rate i.e. basic is 22%.
Note wer talking about tax on net profit and NOT revenue.
So if your revenue is £10k and your expenses are £8.5k then your net profit is £1.5k
Which taxed at 22% means tax due of £330.
Send a letter to the inland revenue letting them know you are self employed and they will send you a self assement form |
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