What if more than tax bill?

Hello123_2

What if the amount of allowances is more than the actual tax owed?

Eg say i earnt £9k/made £9k in profits so not liable for tax as threshold.

But my allowable expenses came to say £3k?

thanks

CLAPTON

well

if you earned 9k and had 3k in expenses then your profit would be 6k

you would then pay no tax as your allowance is greater that your profit.

is that what you mean?

Hello123_2

sort of yes.

what do people mean when they say 'claim it back' then?

thanks

warwicktiger

There is no tax to claim back.

What do you want to claim back?

CLAPTON

Hello123 wrote: »

sort of yes.

what do people mean when they say 'claim it back' then?

thanks

I would image that it would depend upon the circumstances in which they say that.

Dazed_and_confused

Hello123 wrote: »

What if the amount of allowances is more than the actual tax owed?

Eg say i earnt £9k/made £9k in profits so not liable for tax as threshold.

But my allowable expenses came to say £3k?

thanks

This thread would make more sense if OP confirmed her full circumstances, there is an assumption that there is no tax to pay but what if she was also employed and earns 20k elsewhere and had tax deducted from this using the standard tax code?

nomunnofun

Dazed_and_confused wrote: »

This thread would make more sense if OP confirmed her full circumstances, there is an assumption that there is no tax to pay but what if she was also employed and earns 20k elsewhere and had tax deducted from this using the standard tax code?

I think that it may be simpler than that. I believe that the op believe that she has income which is £3000 under her personal allowances and feels that a refund should be due simply because of this fact. The op states 'but my allowable expenses comes to 3k' - how does he/she obtain relief for these? As we all know no tax paid = no refund due. But I could be wrong...

Hello123_2

nomunnofun wrote: »

I think that it may be simpler than that. I believe that the op believe that she has income which is £3000 under her personal allowances and feels that a refund should be due simply because of this fact. The op states 'but my allowable expenses comes to 3k' - how does he/she obtain relief for these? As we all know no tax paid = no refund due. But I could be wrong...

Perfect. i understand now!

So they don't technically claim the money back they just reduce their tax bill right?

nomunnofun

Hello123 wrote: »

Perfect. i understand now!

So they don't technically claim the money back they just reduce their tax bill right?

In effect, Yes! Glad we arrived at the answer albeit in a roundabout manner!

CLAPTON

Hello123 wrote: »

Perfect. i understand now!

So they don't technically claim the money back they just reduce their tax bill right?

makes no sense to me

what exactly are your financial circumstances?

ginge1_2

Hi there I have a similar question ive earned around 20k so owe 4k in tax, but have around 10.5k in expenses. Can I claim all all or any of the expenses sorry to jump in but it is rather confusing first time around.