Hi
I am currently employed earning 34,000 a year
I also run a business which this year which I forecast to earn (profit) £15,000-£20,000
My account has advised me to put around 10-15% of my profits aside for tax as she thinks il be able to get tax back to make up the other amount. However I’m just abit worried that will give me a nasty surprise especially with anything I earn over £50,000 will be 40% tax
Do you think I’d be better off putting 20-25% of profit away? Or would you put more?
My business has next to no financial overheads as it’s just a online clothing boutique all I pay for really is fuel, the product themselves, advertising and postage
Sorry if this is vague it’s my first year doing it
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Employed and self employed tax
13 replies
LBXXX · 07/03/2021 11:51
OP posts:
Tonic1234 ·
08/03/2021 12:02
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