How much tax should I pay

aetius

Hi,

My tax affairs are a little unusual.

In November 2010 I started my own IT business, which brought in around £4,500 up to March 2011.

In June 2011 I took up a full time position earning £32k a year. I still had the part time job, which brought a little in, so I kept it - maximum £2,500 a year.

In June 2012 I started a new job on £40k a year (current position). I've also become a landlord with my rental income going into the company account.

I recently received a letter from the HMRC asking for NIC contributions between 09-01-2011 and 06-10-2012 (I'm a little surprised as the dates are outside the tax year and I've also been paying NICs via my employer).

As my part time work has mostly dried up (literally down to a few hundred a year), I'm considering closing the company down - from a tax point of view is there any advantage to keeping the company running and having my rental income going into the account?

Thanks

aetius

Thanks, I'll confirm my work history with the HMRC. I may end up closing the company down as the work has dwindled and I don't have as much free time these days.

The house is in my name, I just use the company bank account for my tenant's standing order. I only bought it 3 months ago, so was planning to declare the income on next year's tax return.