Can anyone tell me please approximately how much tax u'd pay on £6,500? - HotUKDeals
We use cookie files to improve site functionality and personalisation. By continuing to use HUKD, you accept our cookie and privacy policy.
Get the HUKD app free at Google Play

Search Error

An error occurred when searching, please try again!

Login / Sign UpSubmit

Can anyone tell me please approximately how much tax u'd pay on £6,500?

hannah19790 Avatar
5y, 7m agoPosted 5 years, 7 months ago
Hi guys, I am doing my self assesment online and I have some money saved to pay my tax. I earned about £6500 in first 5 months but then it stopped. Can anyone tell me what I am likely to pay in tax on that please - just a rough idea. I've done it online but it's giving me a small amount £150. ish, can that be right? Is that likely??
hannah19790 Avatar
5y, 7m agoPosted 5 years, 7 months ago
Options

All Comments

(9) Jump to unreadPost a comment
Comments/page:
1 Like #1
tax rate for whole of 2010 - 2011 is £6,475 so if your total income for the whole year was £6500 so not much really tax rates all here

Edited By: the sedge on Apr 29, 2011 09:45
1 Like #2
It sounds about right, I would say that is the maximum, I don't know for sure but I thought you could earn 6420k with out being taxed?
banned 1 Like #4
Don't forget class 4 NI.
1 Like #5
Wow, really? That's good news then as I have around £1000 saved to pay it off. Thanks for that guys, much appreciated xx :)
#6
JonnyTwoToes
Don't forget class 4 NI.


What's that? Do I have to pay that? I think I'm paying NI by direct debit at mo, is that something different?
banned 2 Likes #7
You'll be paying Class 2 by direct debit - you pay Class 4 along with your tax return.

Just checked, and you'll be OK:

If you're self-employed you pay Class 2 and Class 4 National Insurance contributions. The rates are:

Class 2 National Insurance contributions are paid at a flat rate of £2.50 a week

Class 4 National Insurance contributions are paid as a percentage of your annual taxable profits - 9 per cent on profits between £7,225 and £42,475, and a further 2 per cent on profits over that amount



Edited By: JonnyTwoToes on Apr 29, 2011 09:54
1 Like #8
get a accountant are so many factors and tax reliefs being self employed that you may even be owed on that amount
#9
JonnyTwoToes
You'll be paying Class 2 by direct debit - you pay Class 4 along with your tax return.

Just checked, and you'll be OK:

If you're self-employed you pay Class 2 and Class 4 National Insurance contributions. The rates are:

Class 2 National Insurance contributions are paid at a flat rate of £2.50 a week

Class 4 National Insurance contributions are paid as a percentage of your annual taxable profits - 9 per cent on profits between £7,225 and £42,475, and a further 2 per cent on profits over that amount




Thanks so much for this info, had no idea but pleased I don't need to pay any anyway. Thanks again hun x

djnaff
get a accountant are so many factors and tax reliefs being self employed that you may even be owed on that amount


Yh, had thought that but tbh I'm hoping this is the last time I'll need to do it and would rather not pay £100 odd quid for it. Perhaps if it was going to be a regular thing tho. Thanks hun x

Post a Comment

You don't need an account to leave a comment. Just enter your email address. We'll keep it private.

...OR log in with your social account

...OR comment using your social account

Thanks for your comment! Keep it up!
We just need to have a quick look and it will be live soon.
The community is happy to hear your opinion! Keep contributing!