I wonder if anyone can check my tax calculation please, it's for a client whom I am waiting for agent authorisation from before I can file their return. I don't normally give a tax calculation before I have inputted the info into the tax return and HMRC confirm my calculation but I said I would with this one. It makes me nervous and I worry I'm going to miss something.
if anyone could check over my maths that would be great
It's for 2015-16
Net Profit
9,187.49
Tax Calculation
Income - Employment
13,021.52
Profit - Self-Employment
9,187.49
Total Income
22,209.01
Less: Personal Allowance
-10,600.00
Taxable Income
11,609.01
Tax (11,609.01 x 20%)
2,321.80
Less: Tax deducted at source (employment)
1,461.60
Less: CIS Tax deducted
1,922.16
Tax Due
-1,061.96
Class 4 National Insurance (9187.49 - 8,060.00 x 9%)
Just out of interest, if you became self-employed part way through the year say October do you pay the full £145.60 for the first year or a percentage dependent on when you started self-employment?
I haven't had class 2 NI come up in any of the self assessments I've submitted so far for 2015-2016 tax year, using commercial software.
Debbie, you probably will have to add the class 2 in manually, I know I have to using Iris. I forgot on a couple at the beginning of the year and had HMRC put corrections in post. Quickest SA302 I've ever had!
There has been a few comments on Aweb about class 2 NI and peeps getting refunds when they shouldnt, sounds like HMRC dont know their right hand from their left leg.
Is that a new logo Debbie? Liking that one - very distinctive.
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
