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#1 07-12-08 21:28:14

stp
Verified Member
From: PERTH
Registered: 05-02-08
Posts: 56

How much tax?

Hi all

Just wondering, as this is my first year in business, if anyone could give me a rough estimate as to how much tax you could expect to pay if your gross income was, £15,000, £20,000, £25,000 or £30,000? (and no, I wont be making anywhere near 30K :cry:, just curious)

Thanks, stp



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07-12-08 21:28:14

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Re: How much tax?




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#2 07-12-08 21:33:19

kaf
Verified Member
From: Wiltshire
Registered: 05-08-07
Posts: 3,325
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Re: How much tax?

Depends if  you are talking gross after expenses, if not nobody can give you an answer.

if so plan on 20% assuming you have no other income using up your tax allowance.

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#3 08-12-08 00:11:46

timmanwaringadi
Verified Member
From: Devon
Registered: 29-08-06
Posts: 2,406
Website

Re: How much tax?

Income - Costs = Profit.

Profit - Personal allowance = taxable profit.

Tax on those amounts will be 20% (or has it gone up recently?) and NI I think is 9%.

I do my accounts each week, with income and costs. I keep capital expenditure and some of the more complicated bits separate. I then have the above calculation in excel which gives me a fair idea of how much I need to have ready for the bill when it comes. It's usually a bit less than that one the tax office have added in the capital expenses, but that means that I'm not left wondering where to find the money from.

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#4 10-12-08 21:44:30

stp
Verified Member
From: PERTH
Registered: 05-02-08
Posts: 56

Re: How much tax?

timmanwaringadi are costs taken off 100%  or is it a percentage?

Cheers smile

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#5 10-12-08 21:53:44

timmanwaringadi
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From: Devon
Registered: 29-08-06
Posts: 2,406
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Re: How much tax?

I think that if your costs are 100% incurred in the running of your business then you take 100% of them off.

For example, if you only use your car for business use, then you can claim 100% of the cost (please don't ask me about capital expenditure re: buying the things, someone else can explain that one), but if you use it for personal use then I would advise that you record your mileage.

I do this and last year my business mileage was 93% of my total use, so I claimed 93% of my petrol, insurance, tax etc.

Don't ask me exactly how it works as there's lots of other stuff involved, I get easily confused.

There are also other ways of doing this, like claiming a mileage allowance for your business usage, I know a couple of instructors do it this way. I'd advise that you go and have a chat with the tax office to find out exactly what you should be recording and how you will then be able to claim things.

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#6 10-12-08 22:37:08

sue martin
Verified Member
From: National area franchises
Registered: 21-01-05
Posts: 333
Website

Re: How much tax?

Income - Costs = Profit.

Profit - Personal allowance = taxable profit.

This is an excellent precis by Tim, although there are similarities between the tax affairs of different instructors everyone is treated individually and the only way to define what "you" can claim for is to talk to the tax office , they are very helpful and informative if you ask if you can claim something and how to work out what percentage, what they won't give you is hints and tips to minimise your tax bill .
My advice would be to do ongoing monthly accounts to get a handle on what sort of profit you are making and therefore what tax bill you will receive, this is fairly simple to do and gives you a big insight into how your business is going.
Sue


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#7 13-12-08 18:29:40

jazzyc
Verified Member
From: cheshire
Registered: 16-01-06
Posts: 119
Website

Re: How much tax?

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#8 24-12-08 21:37:48

stp
Verified Member
From: PERTH
Registered: 05-02-08
Posts: 56

Re: How much tax?

Thanks for the feedback everyone!

What about deducting fuel? I spend about £70 a week on diesel, of course some of this is for private use but majority is for lessons, how do you present this for tax purposes? smile

Stp

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#9 24-12-08 22:58:06

golfball13
Verified Member
From: Chelmsford, Brentwood, Essex
Registered: 22-08-07
Posts: 244
Website

Re: How much tax?

I keep track of my daily mileage, then at the end of the year, work out my % of business mileage, then work out the costs. You could also claim expenses per mile travelled, but it doesn't suit everyone. I seem to remember there was a good bit on the HMRC website, I'll see if I can find it again.

Rob


RPL Driving
Driving lessons in Chelmsford, Brentwood, Billericay and other areas of Essex

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