How much will I be due to pay

katie4

Hi I am just looking ahead to this financial year 18/19 and trying to work out how much tax i will be due to pay on my self employed income if anybody could help me out i would really appreciate it


Salary from full time employment (before tax) Apr18-Apr19
£19,844.96


Self Employed Income
£1,050.24 (this is total earned minus £88.76 expenses)


As i transferred 10% to my partner for the married tax allowance hmrc advised my personal allowance this tax year is
£10,665

Comms69

Well presumably your ft employment will be PAYE, so don't need to do anything there.


Self employment is 20%. So approx. £210.05

katie4

Comms69 wrote: »

Well presumably your ft employment will be PAYE, so don't need to do anything there.


Self employment is 20%. So approx. £210.05

Thanks does that include the marriage tax allowance though?

Comms69

katie4 wrote: »

Thanks does that include the marriage tax allowance though?

Assuming your tax code for PAYE is amended, yes. I couldn't say for sure.

agrinnall

Your transfer of marriage tax allowance has no impact on your SE income and tax as it is entirely concerned with your PAYE income. Having said that, you can't actually transfer your allowance as your income is higher than the maximum level of £11,850 anyway, so HMRC will put you back on the standard personal allowance.

katie4

agrinnall wrote: »

Your transfer of marriage tax allowance has no impact on your SE income and tax as it is entirely concerned with your PAYE income. Having said that, you can't actually transfer your allowance as your income is higher than the maximum level of £11,850 anyway, so HMRC will put you back on the standard personal allowance.

Hi yes as of 19/20 year the marriage allowance will be gone as I was previously part time and am now full time
I think it does have an impact on my se income as I had 10% less personal allowance 17/18 and had to pay tax when otherwise I would not have had to without the allowance

Comms69

katie4 wrote: »

Hi yes as of 19/20 year the marriage allowance will be gone as I was previously part time and am now full time
I think it does have an impact on my se income as I had 10% less personal allowance 17/18 and had to pay tax when otherwise I would not have had to without the allowance

You're full time job already uses up your allowance. it will make no difference

Dazed_and_confused

Having said that, you can't actually transfer your allowance as your income is higher than the maximum level of £11,850 anyway, so HMRC will put you back on the standard personal allowance.

There is no such rule. You can successfully apply for Marriage Allowance as long as neither party is liable to higher rate tax.

So Marriage Allowance will remain in place until this happens or the op or spouse cancels it.

On a separate note the op may find it beneficial to research the "trading allowance" which commenced with effect from 06:04:2017.

agrinnall

Dazed_and_confused wrote: »

There is no such rule. You can successfully apply for Marriage Allowance as long as neither party is liable to higher rate tax.

So Marriage Allowance will remain in place until this happens or the op or spouse cancels it.

Well perhaps you'd better let the Treasury know, becaue they think differently to you.


From https://www.gov.uk/marriage-allowance


Who can apply

You can benefit from Marriage Allowance if all the following apply:

• you’re married or in a civil partnership
• you do not pay income tax or your income is below your Personal Allowance (usually £11,850)
• your partner pays income tax at the basic rate, which usually means their income is between £11,851 and £46,350

pramsay13

Your self-employment income is only just over the tax-free allowance of £1000.
https://www.gov.uk/guidance/tax-free-allowances-on-property-and-trading-income#trade
Is it possible to increase your expenses, maybe by taking out an advert for £100, to bring you below the threshold?

Dazed_and_confused

Your self-employment income is only just over the tax-free allowance of £1000.
https://www.gov.uk/guidance/tax-free-allowances-on-property-and-trading-income#trade
Is it possible to increase your expenses, maybe by taking out an advert for £100, to bring you below the threshold?

Maybe I'm missing something obvious here but why, subject to the self employment not falling foul of any connection to the op's employment type rules, wouldn't the op simply claim the £1,000 trading allowance instead of genuine business expenses?

Have you actually read through the link you provided?