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Working out my tax

(2 Posts)
lunavix Fri 03-Jun-05 12:43:42

Have left all my earnings (pitiful as they are!) in my account but as we are broke now need to spend them!

I want to put a bit aside for my tax, was thinking 20%. Does this sound okay? What rate is Class 2 NI at atm? Is it £2.05, iirc?

sinclair Mon 06-Jun-05 17:53:07

Lunavix I'm not an expert but Dh is self employed and has always worked on around 15%. He has an accountant to work out all the things you can set against tax - hopefully you are saving receipts. The acct is quite expensive so depending on earnings might not make sense for you but he always saves us more than he costs. One thing is the IR will after a couple of years ask for money up front as it were - even if earnings aren't likely to be on a par that year- so it is worth hanging on to a bit extra for that particular rainy day. HTH, and that a qualified acct comes on here to really help!!

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