How much tax rates will have to pay on my profits being a husband and wife partnership in the UK ?

for year 2007-2008? I' ve been trying to go through the HM revenue%26amp; customs site but couldn't find it. thanks!How much tax rates will have to pay on my profits being a husband and wife partnership in the UK ?
You start with what proportion of net profits each of you will have. Then each of you will have tax-free allowance of 拢5225, so take that off each figure. Each of you has the 10% tax band of 拢2230. From 拢2231 to 拢34600 you both pay 22%, and after that 40%.


Look at www.hmrc.gov.uk/rates for tax rates and allowances. Don't forget your Class 4 NIC will be due too, in addition to Class 2 already paid.


In a partnership, each partner is taxed as a separate individual in accordance with amount of profit allocated to them. Marital status also has no effect now.


For the purposes of this answer, I have assumed you are both under the age of 65.





Edit: I know there is no 10% tax band for 2008/2009. Question is asked about 2007/2008.How much tax rates will have to pay on my profits being a husband and wife partnership in the UK ?
I agree with Steffi above but the tax rates are wrong.





There is no 10% band on earnings for 2008/9.





If you are a 50/50 partnership then take your gross earnings. take off your expenses and tax and National Insurance will be payable on the balance.
depends on what your gross is





and what you can claim as expenses





then you'll pay tax on the net profit