How much to set aside for tax?

[Rupe]

How can you have "wages" and need to set aside your tax?

 

If your on £75/day 5 days a week then it sounds like your employed.

 

Self employed is for when you make different amounts of money from different jobs from different people.

[Chunkymunky]

If you put the 20% aside consider the excess a contingency fund for equipment etc which is tax deductible.

 

Also handy to

Have there incase you hurt yourself or have a bout of sickness

[Paul Jenks]

When I first started I used to issue the old 715 dockets. 25% went into a seperate savings account and at the end of the year I got new saw, rope, holiday as well as paying any small tax bill.

[likeitorlumpit]

Ahhhh.... the good old 715's.

Agreed- on £16 k self employed you won't pay tax

Agreed- you sound employed

agreed- put your rate up man.

[markieg31]

I am in my first year of self employment.

I am also employed 5 days a week so just self employed àt the weekends.

A self assesment tax return seems pretty daunting at the momoent.

[Rupe]

Self employed at weekends? That makes no sense at all!!

 

Why do you need a self assessment form, if your paid Paye then you pay enough tax to keep HMRC happy, the weekend stuff is just pocket money from your mum or gifts from you gran isnt it?

[Maxnaggle]

How can you have "wages" and need to set aside your tax?

 

If your on £75/day 5 days a week then it sounds like your employed.

 

Self employed is for when you make different amounts of money from different jobs from different people.

 

sorry if it sounded unclear - £75 is the rate i charge, 5 is the average of how many days in the week i work.

[Lukey-Loki]

How long have you been self employed?

[Maxnaggle]

just to put it into perspective i have a years experience - cs30/31/38/39, can climb reasonably well - reasonable ident - own transport/saw/ppe/climbing kit... based in the southwest. The last company i did a bit of work for paid me £65 a day, interested as to what other people would pay ???

[harvey b davison]

Put your wages up man. Surely if you contract to one person all the time, then by rights you should be deemed as employed.