How much to keep aside for tax?

[fucshia]

I am still waiting for my reg cert but trying to be oraganised. I am worried about the tax i will pay. Please could anyone give me a rough adea of how much of my earnings I should keep aside to pay my tax bill.

[tulip0803]

According to the Inland Revenue website the Personal allowance for 2009-2010 is £6,475 - this is the amount that you can earn (after deduction of expenses) before tax is paid. Anything over that amount it is 20% or 20p per pound. Many people put 20% away as a savings thing then you know that you have your tax covered and you will have some extra too:) as you will have an extra £1295 saved :D

[FizzysFriends]

I save £20 per £100, I use my allowance in another job but will have some over after I have paid tax because of expenses.

[Chatterbox Childcare]

I put away 10% and that seems to be enough after expenses are taken out but if you want to air on the side of caution go for the 20% and you may have a nice bundle left at the end of the year.

[sarah707]

I put away 20% all through the year then I know if I get a bill I can pay.

Anything left over is spends for my holiday :D

[fucshia]

Thanks for the help. The information has helped a lot, I would hate to end up not being able pay when asked for it.

[buildingblocks]

When I first started I was told on a business course to put away 10% of everything earnt in an account i know someone who did this and has never paid tax but every year she has enough in her account to pay for a family holiday abroad every year