Basic tax question please!

route9

Basic question but let's say you're a single person and you earned say 55k last year in PAYE employment.

You also made 4k profit in a side business last year.

Do you get a tax credit for the PAYE employment of 1650, AND a 1650 credit as a self-assessed tax payer also?

Thanks

jimmycrackcorm

No. You should be filing an income return to include both PAYE income and extra income.

route9

jimmycrackcorm wrote: »

No. You should be filing an income return to include both PAYE income and extra income.

Thanks, that's what I thought and what I was doing, but it was giving me a tax payable figure of around 2k. I would have thought that the tax due would be max 800 (20% of 4000), unless it's simply the case that because the 4k is on top of my PAY earnings, it's taxed at the higher 40% rate?

Gaillimh1976

route9 wrote: »

Thanks, that's what I thought and what I was doing, but it was giving me a tax payable figure of around 2k. I would have thought that the tax due would be max 800 (20% of 4000), unless it's simply the case that because the 4k is on top of my PAY earnings, it's taxed at the higher 40% rate?

This

Digital_Guy

Gaillimh1976 wrote: »

This

Dang!

route9

So in the IBAN field of the bank accounts area on ROS, there are 9 boxes in which to fit an IBAN, which is obviously way more than 9 characters.

Any ideas on why they have designed it this way??!

phormium

There is actually way too many boxes rather than too little, 4 figures go in each box.

CIARAN_BOYLE

phormium wrote: »

There is actually way too many boxes rather than too little, 4 figures go in each box.

Irish IBAN are shorter than some other countries ros leaves space for the maximum IBAN length as it's an international system.

phormium

Well there's the answer! I was wondering were they allowing for some other system or an increase in the length of our numbers.