self employed tax

popadom

Hi two questions
1. do you pay more if your self employed?what per cent do you pay
2. how can you pay tax?per week or month?

taxing

rgay1992 wrote: »

Hi two questions
1. do you pay more if your self employed?what per cent do you pay
2. how can you pay tax?per week or month?

Look here:
http://www.hmrc.gov.uk/working/intro/selfemployed.htm

angelpie1000

Hi,
Self assessment tax is calculated on an annual basis, for which you submit a tax return by 31st Jan following the end of the tax year.

Unless you have an exemption, you will pay class 2 national insurance on a quarterly basis. (will be going to 2 payments a year (Jan and July) from April 2011. This is at a set amount equal to £2.40 per week.

Income Tax (and class 4 National Insurance) is paid in installments - Jan and Jul. Both are calculated on taxable profits. The first year of trading will see 100% of the tax and NI being paid in January, with 50% of the estimated liability for the following year being paid in Jan, the remaining 50% in the July and any balancing payment the following January.

Sound confusing???

Check out the HMRC website to find out more...