As always thanks in advance for all contributions they are much appreciated and valued.
My background Married PAYE employee earn 61k or so, Wife works 50k, Rental income 20k. Annual accounts done etc.
My concern is for 2 self employed jobs small which I project to earn between 8k low and 15k high side for the year 2019 on current projections.
The jobs are car dependent. My aim is to minimise my tax liabilities via old dormant pension with eagle star and off setting costs ie car services,fuel and after costs use my max pension allowances(I'm in 40's) and have DB pension with employer and contribute about 12/13% currently into AVC's with PAYE job. Thus with remaining unused percentage at my age bracket pay into my old pension to off set tax liabilities.
Ideally I would like to purchase a car and offset the cost against my income from this self employed work. Some advice on this and on what costs etc i can off set against my income would be greatly of interest to me.
So say I earn 10k would this be the correct way to calculate tax
10k earnings
(1500) Fuel (How is this calculated?)
(1200) Service
(200) Tyres
(700) Insurance
(x) Cost of new car(How is this calculated ie 20k car over 5 years 4k per year?)
(300) Clothes
-----
6100
(610)(Pension) (10% )
----
5490
Tax and prsi and USC 52% of 5490
Is my logic correct?
My background Married PAYE employee earn 61k or so, Wife works 50k, Rental income 20k. Annual accounts done etc.
My concern is for 2 self employed jobs small which I project to earn between 8k low and 15k high side for the year 2019 on current projections.
The jobs are car dependent. My aim is to minimise my tax liabilities via old dormant pension with eagle star and off setting costs ie car services,fuel and after costs use my max pension allowances(I'm in 40's) and have DB pension with employer and contribute about 12/13% currently into AVC's with PAYE job. Thus with remaining unused percentage at my age bracket pay into my old pension to off set tax liabilities.
Ideally I would like to purchase a car and offset the cost against my income from this self employed work. Some advice on this and on what costs etc i can off set against my income would be greatly of interest to me.
So say I earn 10k would this be the correct way to calculate tax
10k earnings
(1500) Fuel (How is this calculated?)
(1200) Service
(200) Tyres
(700) Insurance
(x) Cost of new car(How is this calculated ie 20k car over 5 years 4k per year?)
(300) Clothes
-----
6100
(610)(Pension) (10% )
----
5490
Tax and prsi and USC 52% of 5490
Is my logic correct?
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