Business Startup - How much do I keep for the tax man?
Posted by admin under startup businesses
I've just started an online business and earning money from it obviously I'll be sending off my business registration form shortly. How much should I keep to one side for my taxes and other fees? I was going to keep 50% of my profits just so I know I'm safe when I have to pay my bills but does anyone know a more exact figure?
I also work a full time job just so you know. (I'm sure that'll affect things)
Depends on how much you earn at job. Tax would normally be 20%, but you may go into higher rates (40%). Don't forget the self-employed have to pay Class 2 and Class 4 NI contributions, too.
Look at http://www.hmrc.gov.uk/rates to find various rates and limits.
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