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#1 05-01-06 10:43:06

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

Help with tax

I was wondering how much of your takings you all put away to cover your tax and NI? 

Up until now I have been working full time and teaching outside of work hours so have been able to save all my earnings so I now have a comfortable buffer.  Now I have gone part time, the teachings getting busier ( big_smile ) and I need to start putting money aside to cover it all at the end of the tax year.

Really feel like I should know the answer to this but I dont :? and you guys are always so helpful!

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05-01-06 10:43:06

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Re: Help with tax



#2 05-01-06 14:14:30

Badger
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Re: Help with tax

I work on around 22% of takings

B

#3 06-01-06 15:31:41

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

Re: Help with tax

Thanks Badger wink

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#4 08-01-06 20:41:45

Larry
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Registered: 08-10-05
Posts: 53

Re: Help with tax

Hi New Girl. I put away one third of my earnings each month to cover tax, national insurance and money towards a replacement car next year. You'd probably be safe putting 25% away if its just for tax. Also worth remembering that at the end of your first tax year the inland revenue will want half of the following year's bill so you need to have it there. Cheers.

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#5 08-01-06 20:49:07

Target
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From: Winchmore Hill North London
Registered: 17-01-05
Posts: 5,695
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Re: Help with tax

Same as Badger....

I look at the total income less the costs and multiply that by 22%.


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#6 09-01-06 12:42:11

Django
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Re: Help with tax

Tax? what's that then?

I didn't pay anything again this year thanks to my accountant. big_smile

However I put aside 25% of my earnings to cover it and whats left over I treat my family to something nice. This year I think we'll go to Disneyworld. big_smile  big_smile  big_smile

#7 09-01-06 20:13:59

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

Re: Help with tax

Thanks everyone......can start paying myself now :shock:

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#8 09-01-06 20:20:19

luchell
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Re: Help with tax

Do i tax to pay up early next  year? Im not sure how it works. I started may 2005. I have a book keeper and i know i have to submit my accounts at the end of the financial year but will i have anything to pay immediately or will they send through and tell me?


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#9 10-01-06 14:12:37

Django
Guest

Re: Help with tax

Do i tax to pay up early next  year? Im not sure how it works. I started may 2005. I have a book keeper and i know i have to submit my accounts at the end of the financial year but will i have anything to pay immediately or will they send through and tell me?

I doubt very much whether you will need to pay anything at all. By the time you take into account all your out goings and off set them against your incomings you should be fine. After all this is your first year. wink


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#10 10-01-06 14:54:52

sue martin
Verified Member
From: National area franchises
Registered: 21-01-05
Posts: 333
Website

Re: Help with tax

Do i tax to pay up early next  year? Im not sure how it works. I started may 2005. I have a book keeper and i know i have to submit my accounts at the end of the financial year but will i have anything to pay immediately or will they send through and tell me?

Presuming you are working to a tax year of april to march(ish) you will have to submit you're tax returns by sept 06 to the tax office if you want them to calculate your tax, if your book keeper is calculating your tax you have til end of jan 07 to submit them,in both cases tax due must be paid by end of jan 07 for the tax year 05-06 (hence all the ads on the tv at the mo. !)
Sue


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#11 10-01-06 17:19:09

luchell
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Re: Help with tax

So my first one will be submitted in sept this year? My book keeper has suggested i get an accountant for it which im going to do no problems. When will i find out if iowe and how much? Im worrying about when i will have to throw money at them and if i get warning of how much beforehand :?

Sorry its one of those days!! big_smile


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#12 10-01-06 18:15:06

sue martin
Verified Member
From: National area franchises
Registered: 21-01-05
Posts: 333
Website

Re: Help with tax

So my first one will be submitted in sept this year? My book keeper has suggested i get an accountant for it which I'm going to do no problems. When will i find out if owe and how much? I'm worrying about when i will have to throw money at them and if i get warning of how much beforehand :?

Sorry its one of those days!! big_smile

Roughly speaking your timetable will be as follows..

April 3-5th 2006 is year end for most people,when you set yourself up as self employed you should have been asked what your trading year will be,most choose to run April 5th to April 4th following year or thereabouts, this aligns with Governments tax year so it is the best option where possible...soon after the end of your tax year your accounts can be calculated,depending on how you are working your book keeper may colate your accounts and send this to your chosen accountant to calculate your tax or they may fill in the tax form and send to the tax office to calculate, or you can do the whole thing yourself...its pretty easy if you like that sort of thing *grin*
Sept 2006....if you want the tax calculations to be done by the tax office this is the deadline for getting your tax form to them,they will then work out your tax liability and inform you in writing normally within a few weeks and you then have an amount of tax you owe which can be paid anytime before the deadline of 31st Jan 2007..your tax form can be done online as well as long as you have a Log-in from the Inland Rev and that gives you an instant tax bill so if it is filed soon after year end in April you will be informed immediately of how much tax is owed but get till end Jan 2007 to pay it..
If you are paying your book keeper you may be interested in http://cgi.ebay.co.uk/ws/eBayISAPI.dll? … 3AIT&rd=1  which is an easy way to compile your year end accounts for very little outlay  and then you could just go along to the tax office and sit down with them and they will help you fill in the tax return there and then...they don't bite honest!...however if in any doubt always seek professional advice
Good Luck
Sue


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#13 16-01-06 22:46:08

Automan
Verified Member
From: West Yorkshire
Registered: 07-11-05
Posts: 36
Website

Re: Help with tax

I’ve put this example together to give you an idea of how it works.

Turnover …………….£20,000

Expenses …………….£8,000

Net profit…………….12’000

Deduct personal allowance from net profit.

Personal allowance……£4,745

Taxable income………..£7,255

The first £2,020 of taxable income is …10%

…..………………………..£7,255

first…….………………..£2,020….....*10%=£202

remaining……………….=£5,235…..*22%....=£1,151.70


add the two figures together…£202+£1,151.70=£1,353.70


tax payable……………..=£1,353.70


you will also have class two and class four national insurance contributions to pay.

Class two every three months.

Class four is a percentage rate of taxable profit for the tax year above allowance. I.e. £4,745 however this figure changes every year.


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