Tax Relief and payable tax

[villa_tom]

Evening all.

I have spoken to a mortgage advisor today and have been told I have to earn 35k this year after expenses to obtain the mortgage I need.

Ill get to the magic 35k figure, even if it means not putting all my spend through.

To get my house I need 15% deposit, I have money saved and will continue to do so until the house is built in may.

But my question is, if I put through 35k worth of earnings, what will my tax bill roughly be? I know we get some sort of tax relief, ie no tax paid on the first £x of earnings, but I'm not sure what it is.

I know we pay tax at 20% but 7k seems a bit excessive.

If anyone read my previous posts they will be aware that my accountant has passed away so I can't phone him :-( and I haven't found a new accountant yet.

Hopefully someone one here knows a rough figure, that way I will know how much more I need to save to get to my 15% deposit.

Thanks.

Tom

 

[Ray Stafford]

This link may help.

 

[SafeGasInstall]

Danny sent pm to "plumbers mate " his mate could sort out all your paper work to get mortgage !!!

ps. that is what he said , I know "plumbers mate " he has been working for me about over 6m for the past year

 

[jase158]

its £8,105.00 this year.

so 35,000 - 8000 = 27,000
20% = 5400

so you need around £42,000 to have a net income of 32,000

And if £5,400 seems high then try the 50p tax, by this rule you pay half of everything you earn over £60,000
so instantly you are giving the goverment £30,000 of your income.

 

[villa_tom]

This link may help.

Its amazing how two different people can get different results from their searches I've been searching for something like that for the best part of an afternoon.

Thanks ray.

Ps I'm using those rad vents on Saturday. Thanks again 🙂

 

[jase158]

yeah just worked it out,

42,000 will give you a net income of £35,000
(not £32,000 as in previous post)

 

[villa_tom]

Danny sent pm to "plumbers mate " his mate could sort out all your paper work to get mortgage !!!

ps. that is what he said , I know "plumbers mate " he has been working for me about over 6m for the past year

I might get him to do mine. Maybe get me a mortgage of a few millionn quid then. Then move to benidorm never to be seen again.

I'm sure there's people out there who could make your bottom line look better but I've never met one 🙂

 

[jase158]

that calculator say NI is income dependant, I thought it was set at £3.40 a week or something like that?

 

[hammers4spanner]

I bought house 3 years ago after renting for god knows how long and had to put down £30,000 down to get a hose worth £120,000
Also had to show five years worth of earning after they decided three years was not enough.

 

[hammers4spanner]

In a nutshell if you have not been subbing for x amount of years then your classed as a dodgy debt

 

[villa_tom]

I bought house 3 years ago after renting for god knows how long and had to put down £30,000 down to get a hose worth £120,000
Also had to show five years worth of earning after they decided three years was not enough.

I've been provisionally accepted for a mortgage 157k with a deposit of just under 30k. I've got two years books so far and if this years show a 35k turnover after expenditure it should all be ok.

Its tough though, I feel like I've had to jump through hoops just to get this far and I'm not even accepted yet.

 

[kay-jay]

find an independant broker. they will lie and arrange a mortgage for you for a grand or so. after all its not their money they are lending.....

i know two unemployed brothers in stockport with a 175k mortgage this way.

 

[hammers4spanner]

AYE totally get you , wouldn't take the provisional mortgage as anything until you actually get the keys mate to a property , i kept getting accepted then they would move goalposts really frustrating . I found out why after from a mate who use to be a bank mananger, anybody who works as contractor is considered a risk for debt.

In the end i got there but on numourous occasions i thought they were looking for excuses not to lend

 

[jase158]

and its even worse if you rent as most agents want proof of wages, credit checks i.e. and £500 for the privilege.

Renting is becoming worse then getting a mortgage

 

[villa_tom]

find an independant broker. they will lie and arrange a mortgage for you for a grand or so. after all its not their money they are lending.....

i know two unemployed brothers in stockport with a 175k mortgage this way.

I've found an independent. She's got mortgages for 4 people I know, two are SE like myself.
I didn't think I'd have to use all of my deposit as my deposit (if that makes sense) but I will, infact I need to save more. So looks like ill be buying then staying at him with mommy and daddy while I buy a few bits for the inside. But hey ho, I've got to start somewhere, and I'm only 26, so I've got time 🙂

 

[villa_tom]

AYE totally get you , wouldn't take the provisional mortgage as anything until you actually get the keys mate to a property , i kept getting accepted then they would move goalposts really frustrating . I found out why after from a mate who use to be a bank mananger, anybody who works as contractor is considered a risk for debt.

In the end i got there but on numourous occasions i thought they were looking for excuses not to lend

Im not counting my chickens yet mate. It's all a blur really as I'm learning new words everyday. 🙂

i know a couple of self employed people she has securing bigger mortgages for than I'm wanting so I'm quietly confident.

But I didint know they moved the goal posts so late in the day. So thanks for that. Ill have more questions to ask her when I see her next 🙂