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Self Employed and Confused-Child Benefits!
Spidercuddles
Posts: 5 Forumite
Hi all. My hubby is the main breadwinner and it seems that at the end of this tax year, he will have earned around £52000 gross.
He is a self employed scaffolder (sub contractor) and he pays his 20% tax as he goes along. So his 'net' will be about 41600.
Next month, he'll do his self assessment and will get a few grand back for expenses such as petrol, bills, clothing etc etc. He also pays me around £4000 for keeping his accounts.
Can anyone tell me if we'll lose out child benefit please? I've tried Googling it but can't seem to find any info on the self employed other than something about 'adjusted net income'. I'm unsure what this is to be honest!
Hope somebody can help. Thanks in advance!
He is a self employed scaffolder (sub contractor) and he pays his 20% tax as he goes along. So his 'net' will be about 41600.
Next month, he'll do his self assessment and will get a few grand back for expenses such as petrol, bills, clothing etc etc. He also pays me around £4000 for keeping his accounts.
Can anyone tell me if we'll lose out child benefit please? I've tried Googling it but can't seem to find any info on the self employed other than something about 'adjusted net income'. I'm unsure what this is to be honest!
Hope somebody can help. Thanks in advance!
0
Comments
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The answer is here: http://www.hmrc.gov.uk/adjustednetincome/
It is the same calculation as an employed person except you make the deductions from his taxable trading profit which is the amount he pays tax on (after deducting his expenses and any capital allowances etc)
IQ0 -
Thank you Icequeen. I've seen that, but I'm just not good at understanding it all...I'm predominantly right brained!:D0
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He is contributing to a pension? http://www.theguardian.com/money/2013/sep/28/child-benefit-pension-contributions-higher-earners0
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