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UK income tax
Thread poster: RosaT
RosaT  Identity Verified
Spain
Local time: 16:17
English to Spanish
+ ...
Apr 5, 2003

Dear all,



Here is a question for those of you freelancing in the UK.



I will be completing my first self-assessment in this country and I am not familiar with the amounts you usually have to pay for income tax.



My question is basically how much money (what percentage) of my earnings should I be keeping aside for income taxes?



I understand this varies and expenditure has to be taken into account, but a rough percentage figure would do, as I have heard different things (about 20%, 25%, etc)



I would greatly appreciate any help.



Kind regards.


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OlafK
United Kingdom
Local time: 15:17
English to German
+ ...
Have a look at this website Apr 6, 2003

http://www.inlandrevenue.gov.uk/index.htm



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Nikki Graham  Identity Verified
United Kingdom
Local time: 15:17
Partial member (2003)
Spanish to English
Ready Reckoner Apr 6, 2003

I was given a sheet of paper called the ready reckoner, which estimates how much you need to put aside per week or per month, depending on how much profit you make, for income tax and class 4 NIC. I\'m sure the tax office can send you this if you ask for it, but basically it goes from 300 profit per month = 0 to put aside to 1,400 profit per month = 259 to put aside, and taking the one in the middle: 700 profit = 56 per month to pay.



HTH





[ This Message was edited by: Amara on 2003-04-06 10:48]


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Spencer Allman
United Kingdom
Local time: 15:17
Finnish to English
A quarter Apr 6, 2003

Reckon to put aside a quarter of what you earn every month. This will more or less cover tax and national health contributions and you will also have enough to pay the \'on account\' sum dreamt up by some potty politician where you pay tax in advance in the next tax year.



Put it in a tax-free ISA and you will earn interest. Get your partner - if you have one - to open up another, and you are unlikely to go over your savings limit. I earn about £70 per annum interest this way.



best



Spencer


[addsig]


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Gillian Searl  Identity Verified
United Kingdom
Local time: 15:17
Member (2004)
German to English
I have a spreadsheet for this Apr 6, 2003

If you want it just drop me an email.

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RosaT  Identity Verified
Spain
Local time: 16:17
English to Spanish
+ ...
TOPIC STARTER
Thank you very much Apr 7, 2003

Thank you all for your replies.



And thanks Gillian for your kind offer. I would love to receive this spreadsheet.



Regards!


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