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Where Taxpayers and Advisers Meet

Self assessment

Buzzy_furbox
Posts: 1
Joined: Sat Oct 05, 2019 11:40 am

Self assessment

Postby Buzzy_furbox » Sat Oct 05, 2019 11:46 am

Hey,

I work for a joinery company and also cycle for deliveroo in the evenings,I am self-employed in both and woul dlike to know how I calculate my tax, I have paid 20% through the cis scheme for the joinery company for every payment and would like to know how I calculate how much more I have to pay with regards to the deliveroo job?

Thanks in advance...

jerome.lane
Posts: 61
Joined: Mon Aug 12, 2019 8:41 am
Location: Camberley, Surrey
Contact:

Re: Self assessment

Postby jerome.lane » Mon Oct 07, 2019 10:44 am

For the joinery company, you will be liable to tax at 20% on profit between £12,500 and £50,000.

The Deliveroo profit will be liable to income tax at 20% or 40% depending on other income/profits.

You will also have class 2 NIC to pay (£156 this tax year).

Class 4 NIC is 9% on profits between £8,632 and £50,000. you pay 2% on profits thereafter.

If you are not a higher rate tax payer, you should broadly try and save 30% of your Deliveroo income and 10% of your net carpentry income to meet tax liabilities.

You can always contact me if you need professional help with your tax return.
Jerome Lane
Tax Advisor
jerome.lane@stewartco.co.uk
Stewart&Co.
Chartered Accountants
Telephone: 01276 61203

GARDNER4
Posts: 67
Joined: Wed Aug 06, 2008 3:41 pm

Re: Self assessment

Postby GARDNER4 » Sat Nov 02, 2019 10:45 pm

It appears you have already paid in advance 20% through cis, therefore depending on your business expenses etc, the income from delivero will be subject to tax but you May not need to pay any further Tax as you have already paid in advance.


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