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How do i know what tax/amount to pay?

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    How do i know what tax/amount to pay?

    Hi Y'all,

    I have now left P4 and set up my own Ltd. Company. I have also opened a bank account for the company.

    As i am new in this, i don't know what to do in terms of my taxes and repaying them.

    Can you please advise on what steps to take and how i can calculate repayments based on my earnings?

    Thanks Guys!!!

    #2
    1. Get an accountant.
    2. Pay the amount they tell you to pay.
    Will work inside IR35. Or for food.

    Comment


      #3
      Get an accountant?
      Blog? What blog...?

      Comment


        #4
        A quick rule of thumb I was told to follow was try and put 45% of your incoming into a company savings account.

        That way at the end of the year you will definetly have enough put aside to pay tax and NI and if you ever do have IR35 issues you have a little nest egg to pay off any extra should the absolute worst happen, not to mention interest on the savings

        You can then take any left over as a dividend.

        Comment


          #5
          If you are as unsure as you sound you should get advice from an accountant. They will be able to ensure that you pay what you need to and on time.

          Alan

          Comment


            #6
            Get an accountant. A good one will save you far more than they cost. If you really have no clue where to start they will probably stop you going to jail or getting huge fines as well.
            "Being nice costs nothing and sometimes gets you extra bacon" - Pondlife.

            Comment

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