Hello my name is ***** ***** I will help you with this.
Other income is taxed like regular income
So you get £10,000 tax free in the year 2014/15
Then if you are over this you get taxed 20% up to the higher bracket of £31,865
Then 40% of this to £150,000 and 50% above that
Can I clarify anything for you?
Ok, so here I go with assuming. but I'm guessing the tax program will recognize the OTHER income and tax it accordingly.
okay so has are expense associated with this income written off?
No, you deduct those automatically yourself.
Then you put what the net income is and you are taxed on that.
Does that clarify?