Jump to content

Recommended Posts

On 07/05/2019 at 07:52, Francie said:

Anyone clued up on tax that can help me, I got a pay rise in work last october, everything was gran until April this year I got hit with a new tax code, apparently I didn't have to pay as much tax as I had some n.i Contributions built up from previous employment, now the pay rise I got is being swallowed by the taxman, it's a f***ing joke.

I'm not seeing any of it.

I worked hard for the payrise, then for it to be taken off me is a kick in the balls.

Could someone help me way a wee question, the personal allowsnce has risen to 12500 this year, to my understanding, that means I won't get taxed uptown this above amount but over that I'm getting charged 20percent.

I have a business on the side also an it's booming, i thought I might ask my work for "flexible hours" which means I want to reduce my hours by ten hours.

Here's the question, if I reduced my hours to say 29 hours, that would bring me under the threshold of 12500.

Would this then mean I won't have to pay income tax as I'm under the threshold, I understand IL have to pay a bit of n.i.

Could someone clarify this for me, an the extra hours off would give me more time with my business 

Thanks in advance

To answer the original question if you reduce your hours so your income is below the £12,500 lower bracket level you will not pay any income tax on this year's earnings. This does not mean you won't be paying for previous tax years short falls still, you would have to contact HMRC for verification.

Regards your business on the side if you are a sole trader and take an income from this then it will be added to your other income to calculate tax. I expect this would be done at year end when your books are submitted. However if it was a limited company and you were a director you don't have to pay yourself a penny as directors of private limited company don't fall under normal employment law I.e minimum wage etc. If, however your misus or mam or whatever did the company books you could pay them say £12,499 to do that role for the business....as long as they were completing the tasks as described. They then would not be required to pay income tax on this amount if it were their sole income.

If you need anymore PM me ?

 

  • Like 1
Link to post
Share on other sites

  • Replies 31
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Popular Posts

my view is pal , dont give to much info  on a public forum  , 

Good advice for you Francie, but what is your business on the side, how much does it earn, and how can I get one ?

Francie for a religious man you're a disgrace if it's not for taxes how would all these poor immigrants get by? all the single mothers with lots of kids to feed bang the hours in earn the money and pa

9 hours ago, ryaldinhio said:

To answer the original question if you reduce your hours so your income is below the £12,500 lower bracket level you will not pay any income tax on this year's earnings. This does not mean you won't be paying for previous tax years short falls still, you would have to contact HMRC for verification.

Regards your business on the side if you are a sole trader and take an income from this then it will be added to your other income to calculate tax. I expect this would be done at year end when your books are submitted. However if it was a limited company and you were a director you don't have to pay yourself a penny as directors of private limited company don't fall under normal employment law I.e minimum wage etc. If, however your misus or mam or whatever did the company books you could pay them say £12,499 to do that role for the business....as long as they were completing the tasks as described. They then would not be required to pay income tax on this amount if it were their sole income.

If you need anymore PM me ?

 

Thanks mate, that has cleared it up a bit, I will pm you tonight after work, cheers

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    No registered users viewing this page.


×
×
  • Create New...