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

9 replies
Found 29th Apr 2011
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??

9 Comments

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

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

Don't forget class 4 NI.

Original Poster

Wow, really? That's good news then as I have around £1000 saved to pay it off. Thanks for that guys, much appreciated xx

Original Poster

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

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" 29th Apr 2011

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

Original Poster

JonnyTwoToes

You'll be paying Class 2 by direct debit - you pay Class 4 along with … 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 weekClass 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 … 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
Avatar
@
    Text
    Top Discussions
    1. Why was the deal I just posted removed?78
    2. Foo fighters presale code.109
    3. Advice on a cheaper hand held vacuum please.33
    4. Lost snipping tool on windows 10 laptop48

    See more discussions