working out tax and NI???

[sharonmanc]

Please can someone help me I am terrible with numbers, i need a fool proof easy to understand way of how i can estimate how much tax and NI I will need to pay so i can put the money away each month. I remember a while back someone posted on here and it was so simple to understand, but i cannot find it. Any help appreciated :)

[AgentTink]

Is this it Sharon . It was a thread I wrote on awhile back

http://www.childmindinghelp.co.uk/forum/book-keeping-accounts-tax-expenses-national-insurance/108160-tax-national-inc.html

[sharonmanc]

yes, thank you :thumbsup:

[toddlers896]

I use this website. Dont know if its correct but it helps me to put money aside every month.



Income Tax Checker - MoneySavingExpert.com's Tax Calculator (http://www.moneysavingexpert.com/tax-calculator/)

[Rubybubbles]

I use this website. Dont know if its correct but it helps me to put money aside every month.



Income Tax Checker - MoneySavingExpert.com's Tax Calculator (http://www.moneysavingexpert.com/tax-calculator/)

This is really useful thank you

[MrAnchovy]

That MoneySavingExpert site is for employed people.

As you are self employed, take an estimate of your expenses off your income to get your profit for the month. Take off another £660 (this is approximately the amount you can earn each month before tax and national insurance). Multiply what's left by 0.29 (20% tax and 9% NI).

That's how much you need to put aside.

[bunyip]

HM Revenue & Customs: Self-employed ready reckoner (http://www.hmrc.gov.uk/tools/sa-ready-reckoner/calculator.htm)