66 this year ,self empolyed and have pension from early years in factorys does total income get taxed?

Question

66 this year ,self empolyed and have pension from early years in factorys does total income get taxed?

Answer 1

All your income is taxable. I take it you also have state retirement pension?

You can have income of £9030 a year before you have to pay tax, unless your total income is over £21800 per annum. Then the personal age allowance is reduced by £1 for each £2 of excess income, until it reaches £5435.

Answer 2

yes

contact your local tax office for advice on how to calculate any tax owing

if self employed you should be able to offset travelling expenses, work related expenses  plus up to one third of your power bills against tax due though (as long as there is a spare room designated as an office)

Answer 3

That's correct sir. However, you can control your income by deferring a portion (or reinvesting) until you are older. Talk to a fincial advisor, it would more than pay for itself.

Answer 4

Yes, but you get a bigger free allowance.

http://www.direct.gov.uk/en/MoneyTaxAndB...