A Payment A Day - Part 8!

psychopathbabble

No point in over-worrying but it's always good to have a back-up plan - better to be over than under prepared!!!

I'm sure he will be fine, companies are never organised.... there are always total c0ck-ups at my place!!

scoobylicious

angelicmary85 wrote: »

Sorry just a quick in and out for me

I'm not going to post my pad just now I just want to ask a quick q about tax and NI...

When you're self employed, how do you go about paying it and how do you know how much you owe?

Have to run, lunch is burning...Thanks to anyone (Paul maybe?) who knows the answer...I don't really have time to search for the answer!! xx

Hi angelic,
Just off out for a bit, but basically...
You'll pay a basic amount of NI contribs (Class2) each month-£12ish and then in January2012(!) you will have to complete a tax return for any money you've earn from being self employed between April 2010-2011. You'll then have to pay tax on the money you've made after taking off any business based expenses and allowances. You'll also then then be charged an amount of Class 4 NI contribs based on the profit you've made-this is all worked out in the tax return though
Just make sure you keep all your receipts for anything business like-phone bills, petrol, car servicing, admin stuff etc as you have to be able to prove expenses. Good thing is that tax returns are done online now & pretty straightforward as long as you've kept paperwork/records-the really dull bit of being self- emp!! I've always been a self employed musician & teacher and am now studying to be an accountant too lol :rotfl: so am v happy to help you with any questions you've got -feel free to pm if you want but hope that helps a bit!

Mustn't forget to pad later
Scoobyx

scoobylicious

Really, really hope you're worrying unnecessarily euro fingers crossed for you!

nickynoo08

Afternoon everyone,

Last few days have been a bit mad so not really had chance to get online much, still been padding tho:D. Totally lost track of the days too with ds1 being off nursery. Anyhoo had some good news earlier in the week. I applyed for the sure start grant a month or so a go and got told on monday that we'd qualified for it:j, so £500 went into our bank on tues.
So far i've used some of it to round up babies and ds1 savings, spent some on baby stuff, me and OH have treated ourselves and the rest is going towards our loan.

So todays pad is £142 please

saorsie

A PAD of £17.11 for me please Sashy £1.35 to VSP, £3.41 to various Pad Pots and £12.35 to MBNA CC

Great news about the grant money Nicky :T

-s-

ps Yeah just realised I've hit the £2000 PAD point - what did I do with all that money before I wonder?!

gilligansyle

angelicmary85 wrote: »

Sorry just a quick in and out for me

I'm not going to post my pad just now I just want to ask a quick q about tax and NI...

When you're self employed, how do you go about paying it and how do you know how much you owe?

Have to run, lunch is burning...Thanks to anyone (Paul maybe?) who knows the answer...I don't really have time to search for the answer!! xx

Guestimate - you pay tax yearly and NI each week, you have to register straight away, they send you a bill for the NI and then you fill in the tax return and they send you a bill for the tax. You only have 28 days to pay it though, Paul is probably a good person.

saorsie wrote: »

ps Yeah just realised I've hit the £2000 PAD point - what did I do with all that money before I wonder?!

I always wonder that. I was happily paying a DMP, then lost my job and paid more by PADding than I did when working.

Pad for today is a predictable £1 off the cc's please.

Silaqui

Hey everyone

Can you put me down for £1 today please Sash, I'm pushing the boat out :rofl:
I'm really bored so I'm going to go and make some scones - why is that a much more tempting activity than going to the gym...?!

xx

boysma

Hi all

Pad of 171.00 please Sashy to Lloyds cc.

Euro - hope all goes well with OH job - it's been a bit of a roller coaster this contract so hope you both celebrate if it works out:)

Clearing - can't add anything to the great advice you have been given here except hope you get it sorted.

Isn't the weather great at the minute though they are talking about more snow for next week - ssh dont tell Angelic

Hope everyone else doing ok:A

Eager_Elephant

PAD of £50.00 to Barclaycard.

This is my Yougov cheque which cleared a few days ago!


EE

psychopathbabble

Eager_Elephant wrote: »

PAD of £50.00 to Barclaycard.

This is my Yougov cheque which cleared a few days ago!


EE

how long did it take you to get the £50 to redeem? i signed up years ago and gave up in the end, although i might go back on it as i have 3275 points so over half way there....