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tonys


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NI class 4 calc.
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Hi

Could anyone just check my calculation for Class 4 NI Y/e 2010 for a person with share of partnership profit?
Share 28302

less allow. 5715

= 22587 @ 8%

Due £1807

Tax 28302-6475=21827@20%=£4366

No interest received or pension.

Regards,

Tony.



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BudgetB


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Yep, all looks good to me.

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tonys


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Thank you, my first attempt! Normally only do up to TB.
I wanted some confirmation before the accountant I work for sees my first attempt!

Cheers,

Tony.

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Beverley


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Hi can you tell me why the allowance for the 8% lower then the personal allowance for the tax calculation....surly it would be the same or id it different for partnerships???

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Peasie


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Beverley wrote:

Hi can you tell me why the allowance for the 8% lower then the personal allowance for the tax calculation....surly it would be the same or id it different for partnerships???

No.

Here's the rates and allowances for Income Tax

and here's the rates and allowances for National Insurance
http://www.hmrc.gov.uk/rates/nic.htm

Nothing to do with partnerships.

Hopefully someone can explain it a bit more politely than that. I'm not very good at explaining things and I come across as being impolite/harsh.



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Beverley


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Thanks for that helpful

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tonys


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Thanks for the original check.

The calculations were spot on when he checked them.

I have an interview with the accountant's practice Thurs, so fingers crossed.

Tony.

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gbm


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Beverley,

The threshold for personal allowances for income tax and class 4 NI were the same a couple of years ago - £5,415.

Then Gordon Brown got into a lot of trouble for scrapping the 10p income tax band.

So he put the PA for income tax up by £600, to £6,015. I think it was actually Alastair Darling who was Chancellor!

The difference between the starting point for income tax and class 4 NI has remained since!

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Stardoe


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Hi Tony,

How did the interview go? I do some ad hoc work for an accountant partnership and it's a really good way of getting work. I didn't have an interview, as they were the accountants for a couple of my clients and got to know my work that way smile.gif

Pauline

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Beverley


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Hi Nick thaks for the up date, I thought it was the same at one point

Tony hope it all went well for you

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tonys


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Thanks for interest, what a friendly forum this is!

The interview was very informal and went well. I am very optimistic and hopefully I will get some work from it.

I too am hoping the work I am doing will be noticed by the relevant Accountants, as on all 3 jobs I do, the accounts are now much better than previous book-keepers had done, and that's not me being big headed because they were poor!

Regards,

Tony.

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Beverley


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J have had a few recommedations by my clients accountants, if you are helpful and honest it pays dividends!!

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