self-emp paying tax, how much?

TomPearce1984

I am self employed and have been since Jan 2005 now, i payed my first tax bill in Jan of this year for Jan 2005-Apr 2005. I know that my next payment is due to be high because i have to pay for the last 12 monthsApr 2005 to Apr 2006 and also 6 month estm. ahead. Is this right?

If so is there a cacualtor or an easy way to work out for income over expenditure that a sum can be done to work out roughly how much is going to be due?

Many Thanks

Little_John

Your first tax bill is the expensive one, my first was the january payment. 1 year plus 6 months

You will receive another bill just requesting an amount which will be about 1 third your january payment for 6 months this is based on your previous payment not your actual earnings.

your next payment will be January again and this is where any over payment or under payment is rectified, I over payed mainly becasue my earnings changed so I actually only paid the National insurance and received a refund from tax.

the next one I have no idea what I need so I just put 20% of everything I earn away for tax, remember anything you spend is deducted so you dont really need to stash the full 33% but if you can save as much as possible.

TomPearce1984

yeah have been putting away 20% each months so just hope i will be ok, dont wanna get to that point where i am gonna have to save and save just to get it paid, many thanks for your help

Tom