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Tax Bill Seems To High?

robertnash92
Posts: 1
Joined: Wed Jan 11, 2017 12:39 pm

Tax Bill Seems To High?

Postby robertnash92 » Wed Jan 11, 2017 12:44 pm

Hi I need some advice?

I'm full time employed but I run a small business on the side and have just submitted my tax return for 15/16.

My net profit was £2196.00 but my tax payment due by 31st is £767.40

This seems way to high, I thought I don't pay any tax up to £11,000?

Can you please advise if this is correct and what I need to do if its not?

Thanks

pawncob
Posts: 3912
Joined: Wed Aug 06, 2008 4:06 pm
Location: West Sussex

Re: Tax Bill Seems To High?

Postby pawncob » Wed Jan 11, 2017 6:26 pm

All your allowances are used in your employment.
With a pinch of salt take what I say, but don't exceed your RDA

JRG
Posts: 364
Joined: Wed Feb 03, 2010 4:40 pm

Re: Tax Bill Seems To High?

Postby JRG » Thu Jan 12, 2017 12:51 am

The personal tax allowance for 2015-16 was £10,600. The personal tax allowance of £11,000 is for 2016-17.

AmanSood
Posts: 136
Joined: Mon Jan 09, 2017 4:12 pm

Re: Tax Bill Seems To High?

Postby AmanSood » Thu Jan 12, 2017 10:58 pm

the tax liability due by 31 January may also include a payment on account in relation to the current year's tax liability as HMRC assume you will have the same amount of self employment income as in the previous tax year. Whilst completing your tax return, it will provide a breakdown of how your tax liability is calculated so you can check to see if this is the case.
Advising on UK employment, expatriate and personal taxes
aman.sood@e-taxconsulting.com.
07792812038


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