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#1 11-06-07 11:43:00

Elliot
Guest

Tax/NI/Rebates etc

Hi,

I'm a PDI and hoping it's not going to be too long before i take my part 3 which if successful one of the things i've got to worry about is my Tax and NI.  And basically i'm clueless as to how it works.  When and how do you pay over your Tax/NI and how do you know how much it is?  How do the tax deductions work?  Do you keep a receipt of everything you've bought for your business and then submit that to accountants and then you get a rebate from the IR eventually? 

Sorry to sound so stupid but i've been concentrating that much on passing the tests i've not looked into any of this side of things!

Any help gratefully received.

Elliot

11-06-07 11:43:00

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Re: Tax/NI/Rebates etc




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#2 11-06-07 12:22:45

Doc
Verified Member
Registered: 11-02-06
Posts: 559
Website

Re: Tax/NI/Rebates etc

Definately keep all receipts. You can either employ an accountant (they literally pay for themselves) or you can do your tax return online. When you pay your first tax bill you will pay the same amount in lieu of next years account and only get a rebate if your earnings were below your tax threshold the following year.

If that makes sense

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#3 11-06-07 16:14:25

timmanwaringadi
Verified Member
From: Devon
Registered: 29-08-06
Posts: 2,406
Website

Re: Tax/NI/Rebates etc

NI can be done with voluntary contributions - mine is currently about £10 a month but I'll probably have to top that up at the end of the year.

The I.R. are very nice if you go in and talk to them about what you can and cannot claim - might be worth making an appointment at your local office.

Try this:
http://www.hmrc.gov.uk/bens/ben23.htm

Very boring reading, but if you print it then underline important or confusing stuff before you go to the tax office it'll help you and them to work it out.

A quick search turned up:

http://www.taxationweb.co.uk/ni/article.php?id=271
and http://www.hmrc.gov.uk/faqs/nicqse.htm both about NI contributions.

If you're not earning a lot, then sometimes the accountant may not pay for themself. Mine certainly didn't, though as Doc says I'm sure some do. Once you get to around £20k and have capital expenditure then you may find them more useful, though do talk to them and don't just hand over your reciepts and expect them to fiddle the system for you!

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#4 11-06-07 17:59:43

Hilary Hughes
Verified Member
From: Stockport, Manchester
Registered: 25-06-04
Posts: 1,232
Website

Re: Tax/NI/Rebates etc

You can pay your NI monthy (about £10 per month).

Tax is paid at the end of Jan and July.

I would start with an accountant to get the measure of things and then deicedafter a couple of yrs whether they're worth it.

Wouldn't ever be without mine ( or the investigation insurance ).

Hilary


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