Becoming Self Employed, how much will I take home?

2kids1wife0cash

Hi,
I'm trying to figure out how much cash in the pocket I would have if I went self employed, but struggling a bit as I've no idea about how to calculate it.

I have 3kids all under the age of 12(shows how old the username is)
wife is a housewife (no part time job)

we rent £600 Pm
Council tax is £1350 Pa

If work from home and Turnover £60,000 with a pre tax profit of £21,000

how much would I actually have to take home after Tax, NI etc.
would there be any element of top up available IE child Tax, working Tax, HB, CT etc.?

any help would be appreciated

heretolearn_2

Class 2 NI (self employed) is £2.65 a week.

You'll pay tax on your profit. You still get your tax free allowance so from April 2013 no tax on £9440 and then 20% on the rest.

1886

I was self employed for a good three years. It has pro's and con's but one of the best pro's was paying N.I per quarter and it being less than I pay in one week now. I don't look when I get my pay slip now, too annoying!

Pennywise

Don't forget class 4 NIC which is 9% above the threshold

dawyldthing

i've read on here to keep a third of your money earnt in a bank account to pay hmrc and then sort out whats owing at the end of the financial year