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#1 31-03-07 12:41:17

New Girl
Verified Member
From: Somerset
Registered: 25-07-05
Posts: 524

Tax bills

Am I right in thinking that the last budget announced an increased income tax for small businesses?  I'm not very good at keeping up with all this - sorry!

If they did do we need to start putting aside more each month for our tax bill?  At the moment I put aside 30% to cover tax, NI and hopefully have a little aside after that.  :?

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31-03-07 12:41:17

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Re: Tax bills




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#2 24-04-07 13:27:48

Target
Verified Member
From: Winchmore Hill North London
Registered: 17-01-05
Posts: 5,695
Website

Re: Tax bills

I thought the Income tax was coming down by 1% in 2008. Did not here anything about small businesses.

30% sounds a little steep, but if you need something for a rainey day theres nothing saying you cannot save if you want to.

I basically put away 15% of my income. This works out to be stop on.

So for example if your an Adi with an income of £30K, you need to put away approx £4.5k.

Thankfully just about getting on top of my tax bills. Can't wait till Julys payment :cry:


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#3 26-04-07 16:24:20

taxman
Member
Registered: 26-04-07
Posts: 3

Re: Tax bills

Don't worry the tax increases are for those who trade as a limited company. The basic rate of tax for the self employed is falling from 22% to 20% in April 2008 although Mr Brown is removing the 10% rate of tax so in effect you will be paying roughly the same tax as before.

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