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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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How is OTHER income taxed on the tax return

Resolved Question:

How is OTHER income taxed on the tax return
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Alex Watts :

Hello my name is ***** ***** I will help you with this.

Alex Watts :

Other income is taxed like regular income

Alex Watts :

So you get £10,000 tax free in the year 2014/15

Alex Watts :

Then if you are over this you get taxed 20% up to the higher bracket of £31,865

Alex Watts :

Then 40% of this to £150,000 and 50% above that

Alex Watts :

Can I clarify anything for you?

Customer:

Ok, so here I go with assuming. but I'm guessing the tax program will recognize the OTHER income and tax it accordingly.

Alex Watts : Online yes.
Alex Watts : Does that help?
Customer:

okay so has are expense associated with this income written off?

Alex Watts :

No, you deduct those automatically yourself.

Alex Watts :

Then you put what the net income is and you are taxed on that.

Alex Watts :

Does that clarify?

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