FabSwingers.com forum: Tax advice

By *heLaserGuy OP Man
over a year ago

Coventry

Ok so...I'm self employed as a few of you know.

The tax threshold if I remember correct is £12500.

So at present I only pay tax on earnings above that amount.

Question is, working for a company where your taxed at source, does that rule apply, for example if your salary was 20000, are you taxed on the whole 20000 or the 7500 about the threshold?

Reply privately

Reply in forum

Reply +quote

By *SAchickWoman
over a year ago

Hillside desolate

The amount above the threshold.

Reply privately

Reply in forum

Reply +quote

By *hunky GentMan
over a year ago

Nottingham and Stamford

Are you limited or sole trader?

Reply privately

Reply in forum

Reply +quote

By *hunky GentMan
over a year ago

Nottingham and Stamford

You only pay tax on taxable earnings ie after your allowance and expenses.

Reply privately

Reply in forum

Reply +quote

By *heLaserGuy OP Man
over a year ago

Coventry

"The amount above the threshold. "

So following my example, your taxed on the 7500 at 20% = 1500

So net earnings would be 18500 per year ?

Reply privately

Reply in forum

Reply +quote

By *lap.n.tickleCouple
over a year ago

sunny Manchester :)

"The amount above the threshold. "

This. Same as if you had 2 jobs or 1 and run a business. What ever you total earning are less the allowance is what you pay tax on

Reply privately

Reply in forum

Reply +quote

By *heLaserGuy OP Man
over a year ago

Coventry

I'm sole trader but I'm thinking of returning to the rat race as an employee

Reply privately

Reply in forum

Reply +quote

By *hunky GentMan
over a year ago

Nottingham and Stamford

Limited is the way to go. just my opinion.

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

"Limited is the way to go. just my opinion. "

This all day, I save a fortune in tax, good accountant is worth their weight in gold.

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

You will get 20% tax on 7500 plus there maybe 1st payment on the account for 19/20 then 2nd pay payment in july

Reply privately

Reply in forum

Reply +quote

By *roticGoddessXXWoman
over a year ago

Richmond

"Limited is the way to go. just my opinion. "

Can I contact you for tax advice? I had no idea you were so knowledgeable. Also....do you know anything about foreign tax? I have so many questions for you now.

Reply privately

Reply in forum

Reply +quote

By *hunky GentMan
over a year ago

Nottingham and Stamford

"Limited is the way to go. just my opinion.

Can I contact you for tax advice? I had no idea you were so knowledgeable. Also....do you know anything about foreign tax? I have so many questions for you now."

You've got my Kik. X

Reply privately

Reply in forum

Reply +quote

By *roticGoddessXXWoman
over a year ago

Richmond

"Limited is the way to go. just my opinion.

Can I contact you for tax advice? I had no idea you were so knowledgeable. Also....do you know anything about foreign tax? I have so many questions for you now.

You've got my Kik. X"

Oh, chunky--you'll be hearing from me!

Reply privately

Reply in forum

Reply +quote

By *olden RatioWoman
over a year ago

Buckinghamshire

Bookmarking this thread for later

Reply privately

Reply in forum

Reply +quote

By *hunky GentMan
over a year ago

Nottingham and Stamford

Woohoo. I love a bit of sexy tax talk.

Reply privately

Reply in forum

Reply +quote

By *effrey45Man
over a year ago

Lytham

Don’t forget your NI contribution

12% of everything you earn above £166 a week

Always wise to pay your NI dues

Reply privately

Reply in forum

Reply +quote

By *ig_eric_tionMan
over a year ago

IPSWICH

"Ok so...I'm self employed as a few of you know.

The tax threshold if I remember correct is £12500.

So at present I only pay tax on earnings above that amount.

Question is, working for a company where your taxed at source, does that rule apply, for example if your salary was 20000, are you taxed on the whole 20000 or the 7500 about the threshold?

You'll be taxed on anything above the threshold and you'll usually pay more national insurance as an employee.

Reply privately

Reply in forum

Reply +quote

By *roticGoddessXXWoman
over a year ago

Richmond

"Woohoo. I love a bit of sexy tax talk.

I hear it's the ONLY way to get taxes done.

Reply privately

Reply in forum

Reply +quote

By *hunky GentMan
over a year ago

Nottingham and Stamford

"Woohoo. I love a bit of sexy tax talk.

I hear it's the ONLY way to get taxes done."

innit

Reply privately

Reply in forum

Reply +quote

Post new Message to Thread