[JSMC]

was at accountants today and went through all my accounts and said yer taxed at 20% witha further tax of 8% for class4 nat insurance.

anybody care to explain this class 4? i thought that paying my NI every few months was it

[daz1977]

have a look at this

http://www.businesslink.gov.uk/bdotg/action/layer?topicId=1073867961

[BORBRYCE]

No way is that all you pay I'm afraid. 20 per cent tax and then 8 per cent NI on your profit. 28 per cent all in. Get used to it mate. Cash payment's? Well it's just a fot.

[JSMC]

funny ye posted that link i just found it 5 mins ago lol

[daz1977]

aint it great being self employed

[JSMC]

time to look at the way i work i feel. a good eye opener and glad it happened. got my 1st tax bill today. Started out june 08- present.

money due in jan 10 then anothe rpayment in july again for my other tax year

[Tom White]

aint it great being self employed

You pay the same when you're employed!

[daz1977]

cant u do some creative accounting

[♠Winp®oClean♠]

aint it great being self employed

You pay the same when you're employed!

No you don't. when employed you pay 11% NI!!!!!!!!!!!!