Self Employed Tax

[paulamcb1]

Hi

Be greatful for a bit of help -

Just doing my tax return (short version), I am a DJ and only work 2 nights per week....I have input my income and also my expenses as a total (lighting, cd's, fuel, advertising, phonecalls etc).
Is it as simple as that? How can I work out what the tax due will roughly be?

Any help appreciated - thanks

[alid5]

Havent done mine yet, will have to get a move on as deadline is 31st January.

[ummmm]

Yes, it's as simple as that.

Is this your only job?

[paulamcb1]

Yes - so income less expenses = x amount then how much tax do i pay on that?

[abstibus]

I did mine and the sum was worked out automatically towards the end of the form. If you're having problems, the telephone helpline is very good.

[ummmm]

We can't say unless we know how much you earn..

This should give you an idea..

http://www.hmrc.gov.uk/rates/it.htm

[paulamcb1]

Hi earn approx £10,000 a year with £3,000 expenses - help appreciated - no good with numbers lol - just need to know what to expect

[ummmm]

Your personal tax free allowance is nearly £7,500. So you shouldn't have anything to pay.

[yogasun]

Hi

I get an accountant to do my tax return as I can't be bothered and it's worth it, mine being slightly more complicated. Looking at net income of £7000 you will have very little tax taken out of it. Without checking on the allowances, can't say exactly, they seem to change from one year to another.

[factor-fiction]

Good luck with that , paulamcb1.
They may wonder though whether £7000 is a realistic figure for an income

[Buenchico]

It's easy!

Calculate your income.
Deduct your expenses.
Subtract £7475.
If the total is zero (or negative) you don't have to pay any tax (but you still have to submit a return).
If the total is positive, divide by 5 and that's your tax bill.
Job done!

Chris

[ummmm]

£10,000...

And they probably won't bother to check.

Just make sure you keep ALL receipts....