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According to new Child care exemption limit, on what basis an employee is classified to basic or higher or additional tax payer. Is it on the grounds of his salary?
Can u please explain me to how to deal with decrease or increase in trade debt allowance in self employment profit calculation/
From what I remember, an employee is entitled to receive tax relief of up to £11.00 per day for childcare after tax. That equates to:
11/0.2 = £55 per day for basic rate tax payers
11/0.4 = £28 per day for higher rate tax payers
11/.05 = £22 per day for additional rate tax payers
As long as you remember it’s £11 after tax you can work out the pre tax figure.
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