Income tax????
Discussion
Can anyone help me work out how much I should put to one side from my weekly takings for income tax? Prior to going self employed my tax code was 474L. Average takings are between £600 - £1000 per week before deducting for fuel etc. Now I am told i can claim back all my fuel as it is all for buisness use (I rent the vehicle and don't use my own)
I suppose i'll have to use an accountant eventually but at the moment i'm just trying to make sure I have enough to one side to cover any tax.
All help much appreciated.
I suppose i'll have to use an accountant eventually but at the moment i'm just trying to make sure I have enough to one side to cover any tax.
All help much appreciated.
)Sensible practice is to put 1/4 to 1/3 aside for future tax bills. Don't forget, you may have to pay A LOT on 31 January 2006 as you will be paying the entire tax bill for 2004/05 plus the first instalment for the tax year 2005/06.
If your overall bill for 2004/05 is below £500, you sahould escape the need to make any payments on account for 2005/06.
Hopefully, your accountant is keeping you abreast of the tax payment dates and system used by the Inland Revenue to collect tax. If not, he/she should be.
You should already be paying your Class 2 National Insurance contributions.
If your overall bill for 2004/05 is below £500, you sahould escape the need to make any payments on account for 2005/06.
Hopefully, your accountant is keeping you abreast of the tax payment dates and system used by the Inland Revenue to collect tax. If not, he/she should be.
You should already be paying your Class 2 National Insurance contributions.
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