How much to set aside for tax?

[Hodge]

oh nice one! the only problem with me setting aside 20 percent of everything is that it doesnt actually leave me that much left over after budgeting for everything else

 

Put your rates up then:)

 

 

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[Johny Walker]

can you afford to put £100 per month in an account ,

[jamesd]

Cheers for that stephen i was under the impression i didn't pay any tax until the middle of 2014 (which will work out at 1.5yrs tax paid in one go) as i have just started out for some reason? or have i got it completely wrong then?

[Sawbee]

Very true - if you're self employed, earning £75/day you need to keep aside £10/day just to cover the 28 days paid holiday a year

Then another £15/day to cover ppe/tools/maintenence/fuel over the year.

Then another £5-10/day to cover downtime.

So now you're down to around £45/day before you know it! That's £1/hr less than min wage

 

When you put it like that makes you want to cry lol

 

 

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[Big Beech]

Not being funny. But shouldnt you talk to your accountant?

You will pay tax in july. Then half up front there on in.

So if you tax bill is 7k in july you will pay 10.5k. Then jan if you earnt more tgey will charge you as needed.in thw last 10yrs ive never had a rebate.

[Fencing]

I started at 20% off everything, and it actually acts as a little savings account. Ive often bought equipment from it (which is deductable)