I am starting a home based business as well as i am a full time employee in London, how much tax do i pay?
buns asked:
My questions are;
1. Even though i pay tax on my full time job do i still have to pay more tax on my home business?
2. If yes, how much tax do i need to pay if i earn 300
My questions are;
1. Even though i pay tax on my full time job do i still have to pay more tax on my home business?
2. If yes, how much tax do i need to pay if i earn 300
4 Responses to “I am starting a home based business as well as i am a full time employee in London, how much tax do i pay?”
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March 17th, 2009 at 1:56 am
If your total income(employment and self-employment) is over
March 17th, 2009 at 10:47 am
You need not worry about paying business tax for the first 12 months.
Business and Day job are seperate items as far as tax is concerned. You will pay tax on your day job in the normal way and pay tax on any profit from your business seperately.
Be careful about about working from home because there are two seperate community taxes. One is the basic commity tax but you might have to pay business tax on your home. It is best that you do not let too many people know that you are running a business from home.
March 20th, 2009 at 1:26 am
Before anyone can answer this the following information is needed,
1. Total taxable employment income
2. Information of any Dividends and Savings (they are taxable remember)
3. Prodicted Turnover Of Self-employment
4. Costs relating to Self-employment.
March 21st, 2009 at 11:33 pm
Thre are a lot of wild guesses here.
You will pay tax on the profits from your business as well as class 2 NIC’s (about