Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Sat, 14 Sep 2024 00:59:52 GMT by Nicram
I am employed as PAYE. Let's say my income from permanent job is £40000 (gross) and the sole trading in spare time brings me another £20000, but I have sole trader's expenses of £10000. For the income tax purposes - will get to the 40% tax bracket, or my total income will be taxed at 20% - For the clarity let's ignore the untaxed first 13k (40000 + [20000-10000]=50000)? Any comment will be appreciated.
Posted Tue, 24 Sep 2024 09:19:16 GMT by HMRC Admin 32 Response
Hi,
You can check the tax bands at:
Income Tax rates and Personal Allowances
Thank you.

You must be signed in to post in this forum.