self asssesment and no savings to pay for tax bill

skypup

Hi, Can anyone give me a rough idea how much tax I will need to pay this year I am a married woman and have earned about £5855.25 in the tax year. I have only a few hundred pound saved as we had a household bill as we had a burst bolier and had to dip into savings for that.
Is there a free webiste that can calculate how much tax I will pay before I do my Self Assesment online?
Also, if I do my Self Assesment online do I have until January to pay it?
Many thanks in advance.

jennifernil

The Tax Free Allowance for 2007/08 was £5225 so you have about £630 to be taxed. Last year there was a 10% rate for the first £2000 odd, so on those figures you would pay about £63 tax.

And yes, you will have to file online now as the "paper" date was 31st October. Payment is due by 31st January.

Are you self employed? There may be some NI to pay too if you are.

johnllew

There are a number of calculators here: http://www.digita.com/taxcentral/home/reference/calculators/default.asp

Merlin_Accounts

skypup wrote: »

Hi, Can anyone give me a rough idea how much tax I will need to pay this year I am a married woman and have earned about £5855.25 in the tax year. I have only a few hundred pound saved as we had a household bill as we had a burst bolier and had to dip into savings for that.
Is there a free webiste that can calculate how much tax I will pay before I do my Self Assesment online?
Also, if I do my Self Assesment online do I have until January to pay it?
Many thanks in advance.

You have not said in which tax year you earnt this money. If it is this tax year alone (since 6 Apl 08) you would not as yet have incurred a liability (tax free allowance being £6035). If it was for the tax year to 5 Apl 08, then jennifernil is right in her post, assuming that is that you are not self employed. If you are self employed you will pay 8% on the £630 in addition to the tax of £63. You would also be liable to Class 2 NIC (the weekly stamp), which on memory was £2.30 pw.

Your tax liability will have to be paid to HMRC by 31 Jan 2009. Dont forget that you now have no option but to file online as the deadline for paer returns was 31 Oct. If you use HMRC's software, or commercial software, these will work out your tax for you anyway. I would suggest you file your return as soon as possible so you know what you owe (filing early does not alter the date you pay the tax).

chriiiiiiiis

skypup wrote: »

Is there a free webiste that can calculate how much tax I will pay before I do my Self Assesment online?

The HMRC website allows you to view your calculation before you submit your return.

skypup

Thanks for all your replies and advice.