IA's road to becoming a CAB Debt adviser.

immoral_angeluk

Spendless wrote: »

What about your tax free allowance? Is it all taken up by your Argos job? Can you add 2 jobs together for the tax free allowance bit

Well I get £1484.60 from argos... What's the tax free allowance.. £4600 something??

pinkpr1nc3ss

immoral_angeluk wrote: »

Well I get £1484.60 from argos... What's the tax free allowance.. £4600 something??

Its £5435.

HTH

pinkpr1nc3ss

So that means you wont pay tax on your first £3950.40 of profit from Ann Summers.

Spendless

£5435 http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/BeginnersGuideToTax/DG_4015583

You need to find out if you can add 2 jobs together for this.

Also as bb said earlier, you only need to earn enough to cover the girls nursery bill. As you like challenges, I was going to suggest you work out your average childcare weekly bill qand then see if you hit this amount each week. You'll get weeks when you do (more than) hit and weeks when you don't, but you could see it as an overall target challenge

pinkpr1nc3ss

I don't know for sure but surely your tax free allowance is for all earnings no matter how many jobs you have? The way I see it is that you are allowed to earn that amount before paying tax?

ZTD

That's right. But beware - some benefits are taxable too, and must be taken into account as earnings.

Don't ask me which.

immoral_angeluk

I think it's that amount for BOTH jobs.. I didn't realise it was profit though. Would the profit be what I told Tax credits at the end of the year as well?

Toto

immoral_angeluk wrote: »

I think it's that amount for BOTH jobs.. I didn't realise it was profit though. Would the profit be what I told Tax credits at the end of the year as well?

yes it's net profit for the SE income. At the end of the tax yr you will give the tax office and tax credits the net profit figure, for goodness sake don't give them your turnover will you.

Toto

Another point sar, as you are working from home in as much as you are securing bookings and doing the prep work from home you should call the tax office and ask them what % if any of your utilities etc you can tax deduct. We can deduct 1/3 of the rent and utilities against tax but then we have a dedicated floor in the house for the business (3 floor house).

Gemmzie

Car costs too, if you are doing parties three days a week (for example) you can claim 3/7ths of insurance and road tax too!