Tax Return Question

[Newbie22]

Hey,

I went self employed on the 16th November 2009.

Have just worked out my taxable income as £7,100.00 but I have not received my personal allowance for that... I was PAYE from April to November 09... how do HM apportion out my Personal Allowance...

I just would like a rough idea how much I gotta pay?

Any help is appreciated

 

[Jenni384]

Self employed profit £7000
Plus Employment income £8000 (example)
Total income £15000
Less personal allowance £6475
Taxable income £8525

Tax thereron 20% £1705

Class 4 NI on (7000-5715) at 8% £1285

Total Tax and NI due £2990

Less tax paid through PAYE (say) £1000

Total payable £1990

 

[Newbie22]

Hey Jenni,

Thanks for your reply it has been really helpful.

Just a quick quesion in regards to class 4 nic...

my profit was 7000 and min threshold is 5715... so theoratically should I pay 8% of the difference..? Thus 1285 @ 8% would leave me liable for £102.80...

Am I wishful thinking or just stupid? Plus I have been paying my class 2 by direct debit as well..

 

[Jenni384]

Yep, my bad, I copied the wrong figure onto my post, sorry!

Therefore tax 1705 + Class 4 NI £102.80, total £1807.80

The Class 2 NI is a separate issue.