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emmadines
21-08-2008, 03:56 PM
what do I deduct for my monthly income for tax? (Im putting it in a savings accoutfor just in case.....)

I know its a percentage but maths isnt my strong point (far from it!!)

if anyone can help I need the idiots guid how too's in detail plz:blush:

littlesprogs
21-08-2008, 03:57 PM
I also need the idiots guide!

I am planning on putting money aside for it too but have no idea how much.

Minstrel
21-08-2008, 04:00 PM
Well you pay 20% tax on everything over profit ( income- expenses) of £6100 approx ( sorry not sure of pricise figure but sure somone else can advise. i will put away about £50 but this is just me.

Jules27
21-08-2008, 04:03 PM
with my info pack, which i've not got to hand just now, was a guide to how much you would need to put away depending on how much you earn. Think there is a similar thing in the NCMA handbook too.:)

cloud9
21-08-2008, 05:10 PM
Its works out 20% of your earnings (after deductions) if you go over the personal allowance (around £6000) so i'd say if you do expect to earn over that amount just play it safe and put the 20% aside and dont forget you are also billed for class 4 NI contributions as well as the class 2 voluntary you would have been paying.

sarah707
21-08-2008, 05:14 PM
20p in the pound... so for every £100, put away £20.

This way, you will have a savings plan at the end.

You get the first £6000 you earn free...

It is of course, up to you if you wait until you are over £6k before you start saving or not.

I like to have a pot of money just in case so I save from April :D

Minstrel
21-08-2008, 05:32 PM
And if you dont end up having to use it then you've saved without even trying for next years holiday or some other treat!

Minstrel
21-08-2008, 05:33 PM
ooooooooooooo Not like Kerry Katona who has just declared herself bankrupt because she hasnt paid tax since 2004. Imagine how much she owed!!!

emmadines
21-08-2008, 06:04 PM
I think this is the amount kerry Katona owed £82000 of a £417000 tax bill




one word for that!!! Ouch!!!!



thanks for the info xxxxxxx

Minstrel
21-08-2008, 06:08 PM
Exactly!
Emma we dont want to hearing you owe that much!

emmadines
21-08-2008, 06:15 PM
Exactly!
Emma we dont want to hearing you owe that much!

Gosh no! that £250 scam things bad enough lol:blush:

bubbly
21-08-2008, 07:45 PM
I set aside 20% of what I earn

Chatterbox Childcare
21-08-2008, 07:48 PM
I got caught last year and owed the tax man and hadn't put any away. Apart from anything over £6000 you also have to pay compulsory class 4 national insurance so now I put away 10% each month. You also have to pay 50% on top for the following year.

I think you could earn about £15000 before you would pay any tax though because of your allowance and expenses.

Debbie

emmadines
24-08-2008, 06:11 PM
I got caught last year and owed the tax man and hadn't put any away. Apart from anything over £6000 you also have to pay compulsory class 4 national insurance so now I put away 10% each month. You also have to pay 50% on top for the following year.
I think you could earn about £15000 before you would pay any tax though because of your allowance and expenses.

Debbie

why???? thats confusing

Minstrel
24-08-2008, 06:16 PM
I dont know the answer but lots of self employed ppl are being asked to do it not just cm's. You may get a rebate next year if you dont earn as much but on the other hand finding the money now can be a problem.

emmadines
24-08-2008, 06:33 PM
I dont know the answer but lots of self employed ppl are being asked to do it not just cm's. You may get a rebate next year if you dont earn as much but on the other hand finding the money now can be a problem.

sounds like just another way for the guvenment to get money out of us all! its like us giving them a loan and getting the money back without interest!:mad:

Minstrel
24-08-2008, 06:40 PM
Exactly what i thought! It is supposed to be INCOME TAX ie tax we pay based on our income. They are asking for money they thinkwe might have to pay and i think this is really wrong.

Does anybody knows what happens if you cant pay it?

I mean surely they arent going to leave people not being able to meet essential bills are they?????

emmadines
24-08-2008, 07:34 PM
Exactly what i thought! It is supposed to be INCOME TAX ie tax we pay based on our income. They are asking for money they thinkwe might have to pay and i think this is really wrong.

Does anybody knows what happens if you cant pay it?

I mean surely they arent going to leave people not being able to meet essential bills are they?????

there must be a way of saying to them that you'd prefere to pay it next time when you know what ur income will be.

Ripeberry
24-08-2008, 08:00 PM
What happens if childminding is not your only source of income? Do they say that you can only have ONE personal allowance and anything you earn from childminding is taxed straight away.
OR are you allowed a personal allowance for each job???
This is so confusing:panic:

Chatterbox Childcare
24-08-2008, 08:05 PM
What happens if childminding is not your only source of income? Do they say that you can only have ONE personal allowance and anything you earn from childminding is taxed straight away.
OR are you allowed a personal allowance for each job???
This is so confusing:panic:

Only one allowance and after that you will pay 20% i.e. 20p in the £1.

Debbie

Minstrel
24-08-2008, 08:10 PM
Yes thats right your personal allowance is everything you can earn in total for the year before you pay tax.:)