Working out self assessment tax

[nickycoop]

Hi everyone,

Im trying to work out roughly how much my tax bill for 09-10 is going to be. Am i right in thinking that you -

1/ Take my personal allowance off my profits
2/ Work out 20% of the balance.
3/ Add NI at 8%,
4/ Take off CIS tax already paid,
5/ Deduct POAs already made (Jan10 & Jul10)
6/ Add 50% of tax for POA in Jan11.

Sorry if i've confused anyone !

Cheers, Nic.

 

[accountancyextra]

Nic,

I thought you said in another thread that your accountant did this for you, for £400?

 

[nickycoop]

Hi Stuart,

Yes he does but around Sept time and im just trying to get an idea now so im prepared. Also, i quite enjoy having a go of working it out myself.

Nic.