SwingsitlikeHogan
Major Champion
I can understand that - but as far as my wife is aware my wife’s friend pays neither VAT nor corp tax. Maybe she does...we will maybe find out. Thinking my son might be able to set some costs against his bill as he works from home (gas, electricity, internet and phone) and he has business related travel expenses (Bus and train)Tax allowance in the 2018/2019 tax year was £11850, not £12500. It's £12500 for this tax year to April 5th.
My self assessment tax bill was £1300 and I earn a reasonable amount as a contractor. But it's easy to say the system is warped when you don't see the £21,000 Corp tax bill and the £24500 VAT bill on top of that. Plus paying my own pension, sick pay, holiday pay and IT and everyday costs the system is about to become more warped IMO with the off-payroll regs about to bite hard. Absolute shambles and the governments lack of simple economics at the heart of the shambles as always.
At that income level, aside from allowable expenses if any are applicable, will have few further allowances I would think.