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In the UK income tax is payable on profits, after all deductable expenses and allowances, of £5035 for 2006/07 and £5225 for 2007/08.

Class II and Class IV national insurance is also due dependant on profits.

This is assuming that you have no other taxable income.

2007-02-10 03:21:22 · answer #1 · answered by Anonymous · 0 0

If you are a small Limited Company in UK. You get a cheaper rate of tax on the smaller profits - can't think how many thousand but the tax is 10%. But you do pay tax on every bit of profit you make. The expenses of the company come off before the profit which can be a lot. Most Companies have expenses of running of about thirty per cent and that comes out of the gross profit. The gross profit being Total sales less the cost of the items sold.

2007-02-13 05:17:10 · answer #2 · answered by Professor 7 · 0 0

In the U.S. the minute you make a dime you have to pay taxes when you're a business.

At the end of the year you are going to want to claim all your expenses right?

So to do that, you best claim all income....usually your first year you don't make much revenue anyway...unless you just invented the new iPod.

2007-02-10 02:48:45 · answer #3 · answered by Anonymous · 0 0

Same allowance as when employed but you do have the right to claim expenses off - just one thought no tax no profit.

2007-02-12 08:47:52 · answer #4 · answered by Anonymous · 0 0

In US, $399.99. All over must be filed on.

2007-02-12 13:28:56 · answer #5 · answered by Donald W 4 · 0 0

look on the hmc website

2007-02-10 02:48:14 · answer #6 · answered by winnit07 2 · 0 1

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