Part time sole trader

[Brasstrumpet]

I’m a part time sole trader, I’ve completed my tax return for 2022 - 2023. my income after expenses was just over 15k.
my total bill has come to around £950 tax/ national insurance to pay. I’m confused because it says I owe this amount but my “payments on account” is £0.00 so I don’t need to pay any tax in advance? Is this because I’m below £1000 on my tax payment for 2022 - 2023?
any help appreciate, thanks.

 

[Joyous]

I don’t need to pay any tax in advance? Is this because I’m below £1000 on my tax payment for 2022 - 2023?

Correct ?

HMRC have guidance on this here.

 

[Brasstrumpet]

Correct ?

HMRC have guidance on this here.

Thankyou. Does £960 tax bill sound about right for £15k income

 

[Joyous]

Thankyou. Does £960 tax bill sound about right for £15k income

No idea, as there's not enough info in your initial query. It could be that you have PAYE and/or other sources of income as you're part time self employed. You can't look at your self employment in isolation as it forms part of a bigger picture. Best I can say is "it's possible"

 

[DefinitelyMaybeUK]

Thankyou. Does £960 tax bill sound about right for £15k income

If this was your only income, and all things being equal, then yes - part of the £960 is the class 4 NIC @ 9.73% for the profit amount above £11,908 for 22-23 and presumably you've also paid the full class 2 NIC? You should be able to see a breakdown in the final SA calculation. I assume you didn't pay any POA last year.

 

[Brasstrumpet]

If this was your only income, and all things being equal, then yes - part of the £960 is the class 4 NIC @ 9.73% for the profit amount above £11,908 for 22-23 and presumably you've also paid the full class 2 NIC? You should be able to see a breakdown in the final SA calculation. I assume you didn't pay any POA last year.

Thanks. Yes only income. I’m paying class 2 NIC (£163) I didn’t pay any payment on account

 

[WaveJumper]

When I read the title I must admit I assumed you had other employment and a ‘part time’ side hustle.