How much should I be putting away??

[Buzz Lightyear]

For my tax bill?? A rough percentage will do so I know how much to put aside per month.

[Chatterbox Childcare]

20-25% - if you make a profit you will pay a flat 20% plus 8% for NI Class 4

[Buzz Lightyear]

NI comes out on DD so dont need to worry about that, just the taxman so thanks for the :thumbsup: %

[Chatterbox Childcare]

NI comes out on DD so dont need to worry about that, just the taxman so thanks for the :thumbsup: %

No that is Class 2. Class 4 can only be calculated when you have finished your books as it is worked ont he profit for that year.

Sorry you will need to pay this too.

[Buzz Lightyear]

Something else to baffle me then. Didn't think I'd have to pay class 4 because I wont earn enough.... have I got this wrong then?

[sarah32]

My Class 4 bill was nearly £500.00.:mad:

Now put away 28% of what I earn.

[rickysmiths]

My Class 4 bill was nearly £500.00.:mad:

Now put away 28% of what I earn.


Yes mine was like you the last couple of years :eek:

I put 30% away in an ISA each month. That way I usually have some left when I have paid Tax and NI which makes it feel a bit better!

[grindal]

Is there a way of working out Nat Ins conts - is it a percentage of earnings?

[FizzysFriends]

http://www.hmrc.gov.uk/rates/nic.htm

[Chatterbox Childcare]

Is there a way of working out Nat Ins conts - is it a percentage of earnings?

Class 2 is voluntary and is between £9 and £11 per month as it is based on a 4 week cycle

Class 4 is based at 8% of any profit made so until you do your books you do not know the figure

[grindal]

Thanks for that!

[madasahatter]

I put away 15% of my gross income and this more than covers my tax and NI bill with some left over. (It probably equates to nearer 30% of my net income)

[Buzz Lightyear]

Thanks again Sue... I shall start putting 15% away then each month to cover both NI and Tax.

Already paying Class 2 by DD. Just received my bill the other day and it was only £4!

[Jelly Baby]

Hi i have £150 transferred out of my account every month..in % i have no idea what it is but it always covers me and usually leaves a nice chunk over.