so what does everyone agree on 20%, 25%, or 28%? my opinion is 25%
Quote from: Dave Willis on September 20, 2010, 08:44:33 pmIf it's your first year watch out. You'll pay tax at the end of the year plus tax for half of the following year. Payment on account they call it.also your ni contributions will seem amazingly low after coming out of employment. At the end of the tax year you will also have to pay a percentage of your earnings in additional ni contributions.So i will need to put more away than 20% then?For NI what if i am still in a PAYE job as well as this self employment?
If it's your first year watch out. You'll pay tax at the end of the year plus tax for half of the following year. Payment on account they call it.also your ni contributions will seem amazingly low after coming out of employment. At the end of the tax year you will also have to pay a percentage of your earnings in additional ni contributions.