New Upper Rates On Profits Limits For Music Teachers
Are you a Piano teacher looking to find out how much tax you will have to pay. Well there is some great news. For the tax year of 2013 and 2014 the limits have risen to £7,755 per Year. This means you will be able to earn up to this amount without being taxed on your income. Any thing over this is charged around 20%. Please note that this is for Class 4, national insurance contributors.
For more details see the attached taxation sheet or visit the HM Revenue & Customs website here.