How do i know what tax/amount to pay?

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DaveB replied

24 November 2006, 09:35
Get an accountant. A good one will save you far more than they cost. If you really have no clue where to start they will probably stop you going to jail or getting huge fines as well.
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Nixon Williams replied

24 November 2006, 08:52
If you are as unsure as you sound you should get advice from an accountant. They will be able to ensure that you pay what you need to and on time.

Alan
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Ardesco replied

24 November 2006, 01:53
A quick rule of thumb I was told to follow was try and put 45% of your incoming into a company savings account.

That way at the end of the year you will definetly have enough put aside to pay tax and NI and if you ever do have IR35 issues you have a little nest egg to pay off any extra should the absolute worst happen, not to mention interest on the savings

You can then take any left over as a dividend.
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malvolio replied

24 November 2006, 00:08
Get an accountant?
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VectraMan replied

24 November 2006, 00:08
1. Get an accountant.
2. Pay the amount they tell you to pay.
Leave a comment:
y-boogie started a topic How do i know what tax/amount to pay?

23 November 2006, 23:54
How do i know what tax/amount to pay?

Hi Y'all,

I have now left P4 and set up my own Ltd. Company. I have also opened a bank account for the company.

As i am new in this, i don't know what to do in terms of my taxes and repaying them.

Can you please advise on what steps to take and how i can calculate repayments based on my earnings?

Thanks Guys!!!
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