tax and ni

[gemma659353]

I've just started and thinking of putting away a certain amount each month.

What does everyone else do?

[watford wizz]

That's exactly what I do x

[gemma659353]

How much do you put away? I was thinking 25%?

[Simona]

I've just started and thinking of putting away a certain amount each month.

What does everyone else do?

You can pay your NI each month by setting up a direct debit...easily done.

For tax purposes you can have a separate savings account and put away a certain amount each month....you will have to pay 20% tax on your profit after you take away all your expenses...can you do a forecast on that?
You need pay no tax if your profit is below £ 10, 500 PA ...check the latest on HMRC for small businesses

[loocyloo]

I save about 15% of total monthly income towards tax and NI although I also pay whichever class of NI it is by DD each month ( about £12/15? )
Then each year I generally have enough to pay my tax and to stick some in an ISA!

[Chatterbox Childcare]

I save 10% of my income each month and this pays tax and ni - put it in an isa and you will earn some tax free interest. Anything left over is a bonus