Self Assessment -is my tax bill correct?

monkeybrains

My turnover for 2012 - 2013 was £ 53,872

Expenses was £43,248

Profit was £10,624

My tax bill £775.51

Is this correct? I was under the impression that there was a personal allowance of £8,105, so thought I would only be taxed on £2,519 which would be £503.80.

I don't understand why they are asking for the extra £271.71

Gas_Powered_Toothbrush

It'll most likely be Class 4 NI.

CLAPTON

NI is 9% on the amount over 7605
i.e 9% of 10,624 - 7605 = £271 approx

CKhalvashi

The rest will be national insurance.

Check here, and tick 'self employed/CIS' option on the front page.

CK

monkeybrains

Thank you all

CLAPTON wrote: »

NI is 9% on the amount over 7605
i.e 9% of 10,624 - 7605 = £271 approx

Is the above Class 4 only? The reason being, I have another bill for Class 2 contributions for £86

nomunnofun

monkeybrains wrote: »

Thank you all



Is the above Class 4 only? The reason being, I have another bill for Class 2 contributions for £86

It is for Class IV only.

CLAPTON

monkeybrains wrote: »

Thank you all



Is the above Class 4 only? The reason being, I have another bill for Class 2 contributions for £86

you usually pay class 2 by DD