Tax Allowances (PAYE & Self Employed) - Minimum?

effortless

Hey guys,

I'm shortly going to be filling in my self assessment, and I have many questions. I'll start with this one (and create others in seperate threads later).


I earn less than taxable income from PAYE, just under £4000 through a Part Time Wage.


My total money received from my self assessment from the date i registered to April 2nd 2010 will be less than £3000.


Will the same rule apply to the self-employed amount? Will they be added together & calculated?


Thanks for any help!

Mikeyorks

effortless wrote: »

Will they be added together & calculated?

Yes. Total of (under) £7000 .......... less personal allowance of £6475 = some £500 or thereabouts taxable @ 20%.

If you have any Interest to declare ...... most of that should only be taxable at 10%. So there will be an element of set off if tax has been deducted at source at 20%?

CLAPTON

yes, your incomes are added together and if your total is greater than £6475 pa then you pay tax at 20% on the amount over than.
*by income here I mean profit for the self employment