Sole trader tax estimate
Question asked by Alan Bennett 11 years ago
Does the Sole trader tax estimate take into account the tax free threshold?
Question asked by Alan Bennett 11 years ago
Does the Sole trader tax estimate take into account the tax free threshold?
Hi Alan,
I'm marking this feature as 'to be improved' - a more accurate estimate is a complex affair and will require users to enter many more details such as a person's age and other income (employment, for instance).
However, would be helpful to know if the current solution meets your needs, and if not - how?
Thanks,
Roey
Yeah, we're likely to add a note below the calculation in dashboard in response to your query and a relevant line in the calculation page itself.
Thanks for pointing this out!
Hi Alan, the person who's responsible to this part of the system is on holiday today and will be back Monday. He will reply to you then.
It helps me a lot - only I was confused about whether or not the tax free allowance was included in the calculation. I guess you could mention that under the figures.
Thanks - just checked and all makes sense to me now.
Hi Alan,
This is taken into account, but currently the estimate uses the lower allowance of £9,440 in all cases, and does not apply reductions to the allowance if your income is above the £100,000 threshold. Hope that helps.
Alex
On the dash board page under tax and drawings
Hi Alan,
Just wondering where exactly do you see the tax estimate.
Thanks - look forward to hearing back from him/her.