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  • Im a self employed mortgage adviser, well will be from mid april. I am also going to be working for another company promoting the governments carbon emmisions reduction target.

    I want to earn £30k over then next 18months after tax and ni.

    How much do you put away for tax and ni every month. any advise?
    NatWest Loan - £12,090.06 Mum/Dad - £14,750 TOTAL £26,840.06
    As of 01/01/2010 - DFW Date - 01/12/2014 59 MONTHS TO GO
  • downshifter
    downshifter Posts: 1,122 Forumite
    First Post First Anniversary Combo Breaker I've been Money Tipped!
    Im a self employed mortgage adviser, well will be from mid april. I am also going to be working for another company promoting the governments carbon emmisions reduction target.

    I want to earn £30k over then next 18months after tax and ni.

    How much do you put away for tax and ni every month. any advise?

    For what it's worth, my NI goes out monthly, it's around £11 a month if I remember correctly. Fairly painless. I put by around a third of my income for tax. This current financial year I was earning more than I will be next and put £300 a month into a regular saving account, so by the end of Jan had £3,600 plus interest at 8%. Hopefully this will cover the tax but I won't know till I do the self assessment online sometime after April. If not enough at least I've got until end of Jan to get the rest. I'm doing the same for next years tax but sadly can only afford £50 a a month. Still it all helps. HTH

    As a matter of interest, how did everyone find their self-employed or freelance work?
    Jan
  • bexlincs1
    bexlincs1 Posts: 28 Forumite
    Hi :)

    Im Bexi, and i have a question which i reeeeally hope you can help me with....
    I work online on an adult site on webcam (no judging please lol). I have been trying to register as self employed but have no idea what to put as my 'type of work'...i thought just 'webcam model' didnt sound too bad...and i have no idea what to call my 'business'.

    Pleeeease help me :D lol
    Pigsback 236/1000 (£30 vouchers claimed),
    Cashbackkings £10.93 pending (£13 claimed),
    Lightspeed 110 (£8 claimed),
    Onepoll £37.45/£40
    :think:
  • kelie
    kelie Posts: 151 Forumite
    I used to put 30% of all my earnings away in a savings account for tax, but unfortunately I have dipped into it to cover bills etc.

    As for the OH, he doesn't have any share in my house. I own that with my ex but he is refusing to leave. My ex moved out.
    Virgin CC: [STRIKE]-£374.70[/STRIKE] -£384.39 | Barclaycard: -£2016.05 | Egg CC: [STRIKE]- £781.13[/STRIKE] -£1450.28 | M&S CC: [STRIKE]-£980.40[/STRIKE] -£1026.29 | Natwest CC: -£1,605.60 | Tesco CC: [STRIKE]£1,567.10[/STRIKE] -£1334.10 |

    Current Account Balance:
    -£2,808.96


  • As a matter of interest, how did everyone find their self-employed or freelance work?

    I gained my CeMap whilst working for a bank doing mortgages. Then i just asked in a local advisers if they had any job opportunities.

    I was thinking about putting 40% away for Tax and NI, I also have to pay £150 fee for my compliance etc. I want £200 for myslef a month as spending money as all of my employed job is paying off bills. Therefore i want £8880 to pay off personal loan by August 2010, and then by a new car want about £10k (even though i wont spend all of this only prob spend about £3k). So over the next 18 months - £25,180 net, if i put 40% away i need to be earning £42k over the next 18 months gross.... £2350 per month earnings. Wish me luck.

    Any other MA's out there?
    NatWest Loan - £12,090.06 Mum/Dad - £14,750 TOTAL £26,840.06
    As of 01/01/2010 - DFW Date - 01/12/2014 59 MONTHS TO GO
  • Put your business down as your personal name as a sole trader bexlinks1.
    NatWest Loan - £12,090.06 Mum/Dad - £14,750 TOTAL £26,840.06
    As of 01/01/2010 - DFW Date - 01/12/2014 59 MONTHS TO GO
  • Horace
    Horace Posts: 14,426 Forumite
    Thanks for saying that my posts are inspirational, I would never have said that myself:o I guess its because I refuse to give up on anything and life has been a hard struggle since I was made redundant in 2007 but with the help of MSE I managed to keep the wolf from the door and a roof over my head. Deciding to set up on my own was the best thing I could have done, even to the point of studying for an HND which I seem to have fast-tracked through because I only started it in June whereas my fellow students have taken 3 years:eek: I only did the course to get a logo for my website. I have great plans for my business and will turn my hand to anything even if its nothing to do with weddings because the way I look at things money is money. I am looking forward to ditching the jobcentre altogether on 26 April:j

    I have a ton of stuff to do - I need to photograph 62 items and list them on ebay, taking pics of wedding dresses is a pain the bottom.

    I dare not post details of my website here as Martin will have my guts for garters:eek: I dont have an online shop on it and maybe I will look at that for the future, all I know is that my website was expensive and I wish I had been able to find someone who was cheaper, better and a bit more reliable - the email always seems to be down and I have told them that they are costing me money, so I am now looking for someone else who could host it and maybe allow me to make changes because I am not changing it now because of the exhorbitant cost:eek: :mad:

    Today, I must write my profile and submit it to business link - I need that product launch job:D
  • horace if ya need someone to model the dresses ill do it lol.. for a fee hehe!
    NatWest Loan - £12,090.06 Mum/Dad - £14,750 TOTAL £26,840.06
    As of 01/01/2010 - DFW Date - 01/12/2014 59 MONTHS TO GO
  • Horace
    Horace Posts: 14,426 Forumite
    Put your business down as your personal name as a sole trader bexlinks1.

    Don't forget to register with the HMRC neither and do this soon as if they think you have been self employed for longer they will sting you with a £1000 fine:eek:

    Type of business - well how about entertainment?
  • will do as soon as i attend my course and get accepted by the network
    no point in registering until i get accepted
    NatWest Loan - £12,090.06 Mum/Dad - £14,750 TOTAL £26,840.06
    As of 01/01/2010 - DFW Date - 01/12/2014 59 MONTHS TO GO
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