How Much Tax???

dickieg

Its a long story and dont really want to get to deep into it, but im a ltd company and expect to of earned approx £17500 by the end of the year,could some kind person please tell me how much income tax roughly i will pay on this please. Thanx in advance

Rolo_Tomasi

We probably need a bit more info but if the £17.5k is the net profit of the company, after deducting all expenses and your salary then the company will pay 21% in corporation tax (£3675). This is due 9 months after the end of the companies trading year.

iamana1ias

listentotaxman.com

(a simple search would have saved me the bother)

fengirl_2

What do you mean by you having earned £17,500 by the end of the year? Is this the profit of the company? In which case Rolo's answer will be correct. However, if £17,500 is your salary from the company, then it will be subject to PAYE and iamana's reply will be correct. However, this assumes that this is your only income for the year.

dickieg

Basically i bought a franchise and i will have been paid £17500 into the company by the company i bought the franchise off, out of this i will of paid myself £11,100.

Rolo_Tomasi

Have you paid any tax on the £11,100 drawn out of the company (ie as an employee?). Also do you have any other income?

dickieg

£2300 as already been taxed from before i bought the franchise, i have got an accountant but just wanted a rough idea as i am buying an house that needs 2 windows doing, if i knew how much tax id got to pay i could pay myself enough to cover this cost. Thanx ps i dont have any other income