What is taxable in sole trader

Hey guys

in preparation to making my own sole trader company I have a few questions which I hope you can help clarify.

first of. I have a full time job next to this, which is PAYE where I pay NI as suchs. annual income is around £50k a year

just to get some numbers in lets say I have a profit of £15000 after all my expenses are deducted ect.

how much do I pay in tax and national insurance then ? and please spell it out for me lol, still trying to learn all the rules and accounting language :wink:

thanks for your help

The figures from your employment, provided on your P60 annually, will go directly on your Individual Self Assessment Tax Return. Quick File will help you manage your sole trader income and expenses and provide you with the figures for or you accountant to enter on your tax return, we would recommend speaking to an accountant if you unsure on how to complete your tax return.

That said, I have prepared a rough Tax Calculation for 2012/13 (year ended 5 April 2013) which is as follows:

Income received (before tax taken off)

Total from all employments: £50,000
Profit from self-employment 15,000

Total income received: £65,000

minus Personal Allowance: (£8,105)

Total income on which tax is due: £56,895

Income Tax calculated on total income above:

Pay, pensions, profit etc. £34,370 @ 20% = £6,874.00
£22,525 @ 40% = £9,010.00

Total income on which tax has been charged: £56,895

Income Tax charged: £15,884.00
Plus: Class 4 National Insurance contributions: £7,395 @ 9% = £665.55

Income Tax and Class 4 National Insurance contributions: £16,549.55

Minus: Tax deducted:

From all employments, UK pensions and state benefits: (£14,037.00) (estimated, obtain correct figures from P60)

Total tax deducted (£14,037.00)

Balance of Income Tax and Class 4 National Insurance contributions due: £2,512.55