My net taxable income as a sole trader is 43K
My personal allowance is (say) 8K
Will I be liable for tax at the 40 % rate or at the 20% rate ?
Thank you.
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Replies (4)
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You might just creep into 40%
for the very top bit, but on those figures most ought to be @ 20%
BTW you do understand
that just because you hit the 40% band DOESN'T mean that all of your income suddenly becomes taxable @ 40% don't you?