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Where Taxpayers and Advisers Meet

self assessed tax question

martinburrows50
Posts:2
Joined:Sat Apr 22, 2017 4:15 pm
self assessed tax question

Postby martinburrows50 » Sat Apr 22, 2017 4:20 pm

Hi, just wondnering if anyone can help me. I work for myself and the tax year 2016 to 2017 was a very bad year for me Basically I earned 2,000 less than my personal allowance. So the positives are that I have not reached the tax threshold and will not pay any income tax I presume. But I still incurred about 2000 of expenses. When I come to do my self assessed tax returns do this mean that I will get a tax rebate?

Thanks.

bd6759
Posts:4270
Joined:Sat Feb 01, 2014 3:26 pm

Re: self assessed tax question

Postby bd6759 » Sat Apr 22, 2017 9:51 pm

From what you say, your self-assessment will show this:
Income 9,000
Expenses 2,000
Profit (taxable income) 7,000

This is less than the PA, so no tax to pay. You may get a refund if you have actually paid tax, but not simply because your taxable income is less than your personal allowance.


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