I will never understand tax and cant find anything online. What I want to know is roughly if I earned £19000 ish and with my alowance of £6455 and what I cant find out is if i have £7000 expensise what deductions should I get for that. So what should I be paying roughly.
What are these £7,000 "expenses"?
Bought a van and there is fuel the odd tool and general bits here and there
Do you mean that you are self-employed?
yes im self employed
Worth paying a good accountant if self employed
Then normal PAYE rules don't apply.
Have you registered as self-employed?
Yes I kind of know how much I should pay I if I didnt spend anything but its what deductions do you get for expendature.
bryan-g- - MemberYes I kind of know how much I should pay I if I didnt spend anything but its what deductions do you get for expendature.
I believe if it's your first year you may be able to put 100% through your books, rather than having to get complicated with Capital Allowances - might make next year tougher if you do though.
This will be my third year. I just seem to have been paying a lot the last couple of years.
Get an Accountant, best money you will ever spend, it is even tax deductable.
I would imagine you will be able to write off 100% of your tools and van, unless you use your van outside of work. My car is classed as a business vehicle and I get 80% of everything related to it written off, I think this is fairly standard.
You need a good accountant. You do not understand understand the differences between capital and revenue expenditure with their different treatments in arriving at your taxable profit before deducting your tax allowance. £120 for the accountants expertise will be saved in tax.
I have an accountant I am just checking. Thanks all.
Then use the accountants knowledge, if you don't understand get him to explain how it was arrived. If they don't get a better accountant