Threshold for repaying pre-1998 loans and self employment
Rosskie
Posts: 48 Forumite
Hi folks,
Hoping someone can give me an answer here - I've been trying to find out how gross income is regarded in respect to self employment. I've currently deferred my pre-1998 loans, but will be going self employed shortly, driving a black cab. My turnover will be above the threshold for repayments (around £39k), but I need to rent a cab, and obviously pay fuel etc. These costs will push me below the threshold (around £26k). I dont expect to be taxed on £39k, but will on the £26k.
Does anyone know which figure they will use when it comes to deferment? They ask for a gross figure before tax, and if this means £39k, the subsequently triggered loan repayments would probably prohibit me from going self employed.
For various reasons, I'm reluctant to ask the loan management company at this stage, so I'm hoping I can get an idea of how it works here?
Thanks for reading.
Hoping someone can give me an answer here - I've been trying to find out how gross income is regarded in respect to self employment. I've currently deferred my pre-1998 loans, but will be going self employed shortly, driving a black cab. My turnover will be above the threshold for repayments (around £39k), but I need to rent a cab, and obviously pay fuel etc. These costs will push me below the threshold (around £26k). I dont expect to be taxed on £39k, but will on the £26k.
Does anyone know which figure they will use when it comes to deferment? They ask for a gross figure before tax, and if this means £39k, the subsequently triggered loan repayments would probably prohibit me from going self employed.
For various reasons, I'm reluctant to ask the loan management company at this stage, so I'm hoping I can get an idea of how it works here?
Thanks for reading.
0
Comments
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Your gross taxable income and figure used for SL is your profit not your turnover.0
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Brilliant, thank you0
This discussion has been closed.
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