Skip to main content

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

Posted Mon, 07 Oct 2024 13:46:22 GMT by CB24
Hi all This is the first year I have been employed & self employed at the same time when filling out my tax return I am a little confused to the amount of tax owed and hope someone could shed some light on it for me as I'm not submitting it yet bit of info below My PAYE was roughly £17600 for the year paid roughly £850 tax already paid plus NI my turnover self employed income was £4695 for the whole year year It was calculated I owe £1134 in tax ?? plus another £500 to be paid in June 2025 for the following year I've adjusted this to pay less as I already know ill be earning a lot less for 24/25 as I will be closing my business soon and wont be self employed Now what I'm confused about is this the amount of tax owed Is this for combined Employment /self for the year and I've just entered a higher tax bracket of a wage of £21000 with both amounts of earnings and have to pay £1134 on top of the £850 I've already paid or the£1134 is the total for the year & £850 will be deducted and ill only have to pay the remaining £284 on my profit as surely I'm not paying £1134 for £4695 worth of profit i hope that makes sense any help would be wonderful
Posted Tue, 15 Oct 2024 08:01:42 GMT by HMRC Admin 17 Response

Hi ,
 
Unfortunately, it is not possible to review personal matters in this forum. 

For individualised assistance please contact our self assessment helpline or contact our webchat :

Self Assessment: general enquiries    .

Thank you .

You must be signed in to post in this forum.