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#1 27-10-06 13:11:09

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

Keeping Tax Bills low!

Its seems a pointless exercise putting money away for my tax return, because whilst the cash is in one place, I'm then being charged interest in another.

However. I do and have put money in a separate place for my tax bill. However, its nowhere near enough. Theres me thinking great, I've managed to reduce my costs and increase my income.

We all have it and I guess theres no legal way of getting away from paying, but does anyone have any tips on how to keep this part of the costs down.

When you look at your tax in one lump sum it really sends a message about how much money we give the government for very little in return.


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27-10-06 13:11:09

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Re: Keeping Tax Bills low!




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#2 27-10-06 13:27:19

smdtr
Guest

Re: Keeping Tax Bills low!

How about an ISA to save the tax cash or premium bonds http://www.nsandi.com/
or maybe under your mattress.

#3 27-10-06 13:31:18

llthomas21
Verified Member
From: west wales
Registered: 21-07-06
Posts: 227
Website

Re: Keeping Tax Bills low!

Just become self employed so this is all new!!! Can you give me a rough idea of a tax bill


Part 1...100% 63/75
Part 2...3 minors
Part 3...1. 4/3, so close but not close enough
Part 3...2. 4/4 Yippee

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#4 27-10-06 14:05:26

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

Re: Keeping Tax Bills low!

Just become self employed so this is all new!!! Can you give me a rough idea of a tax bill

I've spoken to the accountant and gone over the spreadsheets because I'm actually totally gobsmacked.

He recommends I put away 15% of my gross income per month.

For example: 25 hours x £20 per hour x 4 weeks. £2000 = Allow for £300 tax.

Does not leave you much.

p.s Thanks SMDRT....I have premium bonds, but as you say could use the savings over the year to buy more.


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#5 27-10-06 16:23:13

llthomas21
Verified Member
From: west wales
Registered: 21-07-06
Posts: 227
Website

Re: Keeping Tax Bills low!

Thanks thats shed some light on it!!

Am I correct in thinking that you only get taxed on your money after you've paid for your car, petrol, franchise etc?

Paying my class 2 national insurance is paid by direct debit - so I don't forget. How much NI do you pay at the end of the tax year at a guess?


Part 1...100% 63/75
Part 2...3 minors
Part 3...1. 4/3, so close but not close enough
Part 3...2. 4/4 Yippee

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