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Lini F

Lini F

Joined: 4/16/2025

  • Self employed income and tax brackets

    Wed, 16 Apr 2025 09:26:04 GMT – Self employed income and tax brackets
    Is the higher rate tax bracket (40%) based on the gross or net income for a self employed person? For instance if the gross turnover was 56k, but after expenses and personal allowance the net profit is 40k, which tax bracket would apply? Which figure is used to then calculate the tax?