Ltd tax

[autumnglow]

Have to set up a self employed and as a LTD company. How much should
I set aside for tax purposes?

[Sammysquiz]

Corporation Tax is charged at 20% of your profits.

[autumnglow]

Thank you. Am I right in that i don't need to set aside NI as a director? Do the rules change in April due to IR35 (I'm not that sure of the rules yet)

[Sammysquiz]

It depends - this is a useful link.
Do you have an accountant?

[autumnglow]

I'll have a look at the link in a bit, yes I have an accountant but haven't used him since informed the company.

[HelenDenver]

how much do you plan to pay yourself? Directors are paid under PAYE and NI is due if salary is over the LEL.

Dividends are less tax efficient than they were, but it may be possible to draw dividends and save NI.

[HelenDenver]

IR35 is about selling your services and whether or not you should be viewed as an employee of your client.