Post
by askhan » Tue Dec 11, 2012 1:27 am
Take for example,
I need 45k to renew my visa, and I am both salaried and self employed.
If I have earned 20k as salary for the period of 12 months leaving an outstanding of 25k that should come from my self employed. Lets also assume I have earned the remaining 25k from self employed and my running expenses is at 10k
Question:
1. Am I expected to pay the full tax on the 25k from self employed or
you pay tax on profit, which is calculated after deducting your expence
total earning : 10K
expense: 1K
net profit: 9k
you need to pay tax on 9k and home office will count 9K as your earning not 10K
2. Am I expected to pay the tax after deducting my 10k running expenses? (i.e, pay tax on 15k only)
yes
3. If I pay tax on 15k only, would they still consider that I earned a total of 45k before tax or would they consider that i have earned on 35k?
yes home office will count your total earning as 35K
Kind Regard,
A.Khan
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