How Much Tax do you Pay When Self Employed
If you become self employed you are responsible for calculating and paying your own income tax and national insurance contributions. You should keep full records so that you can backup any payments.
You should let the Inland Revenue know as soon as possible when you become self employed, doing this should avoid you receiving a fine.
The amount of tax that you have to pay when you are self employed is the same as the amount you would pay if you had a regular job. The tax rates are as follows:
|Income Tax rates and taxable bands|
|Starting rate for savings: 10%*||£0-£2,320||£0-£2,440||£0-£2,440|
|Basic rate: 20%||£0-£34,800||£0-£37,400||£0-£37,400|
|Higher rate: 40%||Over £34,800||Over £37,400||£37,401-£150,000|
|Additional rate: 50%||Not applicable||Not applicable||Over £150,000|
John Okorie - Friday, February 11th, 2011
How do i pay my income tax as self employed person.
john - Thursday, March 10th, 2011
how much tax is payable on 25000 euro earned as self employed
liz - Wednesday, May 11th, 2011
when I apply for self imployed status do the tax office require to see my bank balance and previous balance’s over the last 6months
goke - Tuesday, January 24th, 2012
how much tax do i pay on 18000GBP per annum as a self employed
STEVE - Monday, October 1st, 2012
i worked abroad for a few weeks last year and received a P45,does that mean i was employed and do i need to fill out a tax return.
vinny - Wednesday, December 26th, 2012
How much tax and national insurance will I have 2 pay a year on 51,600 euros