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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 6177
Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
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As a consultant, with a projection of earning 60k pounds in

Customer Question

hi
JA: Hello. How can I help?
Customer: as a consultant, with a projection of earning 60k pounds in 2020 how much taxes will i pay on it and when i have to pay
JA: Which tax year is this for?
Customer: 2020
JA: Anything else you want the Accountant to know before I connect you?
Customer: no
Submitted: 9 days ago.
Category: Tax
Expert:  taxadvisor.uk replied 9 days ago.

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.
Many thanks

Customer: replied 9 days ago.
hello
let me give you a better understanding
Expert:  taxadvisor.uk replied 9 days ago.

Thank you for your reply.

Please go ahead

Many thanks

Customer: replied 9 days ago.
this year in March I left my Job with a payout of 35k after been earning 15k net between jan and march. now i am starting my consulting business and i will receive 16k this year and 60 in 2020 how will i pay taxes on this amounts and when? thank you
Expert:  taxadvisor.uk replied 9 days ago.

Thank you for your reply.

You say you had a payout of £35k in the tax year ended 5 Apr 2019 and you had self employed income of £15k between Jan-Mar 2019.

Were you a higher rate tax payer in the tax year 2018-19 (do you have your P60 for the tax year ended 5 Apr 2019?

Confirm likely income in

- current tax year ..is it £16k (6 Apr 2019 to 5 Apr 2020)

- tax year 2020 -21 projected at £60k.

Many thanks

 

Customer: replied 9 days ago.
Hello, Thank you. I had the same tax rate in the year 18/19 the payout was given by the same company i was employed full time with. so 15k jan-march are also full time employed remuneration. Given the exact dates pf fiscal years u provided i have recalculate for the current tax year i will earn 40k in 20-21 115k
Expert:  taxadvisor.uk replied 9 days ago.

Thank you for your patience

Attached is my calculation for your perusal.

My aim is to give you a professional service. I hope this is helpful and answers your question.

Please remember to rate my service by selecting the 5 stars at the top of the screen before you leave JA today. If you need more assistance, please use the reply box below and let me know. It has been my pleasure to assist you with your question.

Expert:  taxadvisor.uk replied 8 days ago.

Hi there

Just checking to see if you need more clarification/information or have I answered your question.

If there are no more issues, I will appreciate if you would kindly rate my service by selecting the 5 stars at the top of the screen before you leave, to ensure I get credited for it by Just Answer today.

Many thanks