some self assesment questions

1888

as of sept 2013 ive been workin self employed for the first time and have some questions if anyone can help.


if im PAYE I believe im entitled to 10k before tax is applicable, if so is there any allowance for self employed???


is there a banding system on what you earn to what tax code you should be payin???


any tips/info/advice first claimant

CLAPTON

1888 wrote: »

as of sept 2013 ive been workin self employed for the first time and have some questions if anyone can help.


if im PAYE I believe im entitled to 10k before tax is applicable, if so is there any allowance for self employed???


is there a banding system on what you earn to what tax code you should be payin???


any tips/info/advice first claimant

tax is based on your yearly income whether from PAYE or self employment

you add it up to form the total

the first 9440 is tax free
the next 32010 is taxed at 20%
thereafter at 40%


NI works somewhat differently as each income is dealt with separately

CLAPTON

also if you are already earning as self employed you should have already total HMRC and be paying class 2 NI payments