percentages to put away....

[aly]

My friend asked this question and I couldnt give her an answer lol.

If we put a % aside for tax say either 10 or 20% would that be before or after expenses?

she is curently earning £600 a month and her expenses are coming to about £185 but she realises that she is not claiming a lot in expenses so that will go up so ideally what should see put away for tax?..she only started back in september after going on maternity when reg in 09, never earned before this so this is her 1st tax year. What would you be putting away for tax if you earned this?

thanks

[Chatterbox Childcare]

£600 x 8 months (Sept - March) is only £4800 and under the tax threshold so even without any expenses she won't pay tax

I put away 10% of my income before expenses

[aly]

yeah i told her thae tax rate so she does know she wont need to but think she wants to put it away so its habit rather than trying to remember it lol.

thanks for that info

x

[manjay]

I am into my 4th tax year and still haven't paid any tax