Self Employed

plasmarb

Hello

If I was earning £180 a day how do I work out tax/NI costs?

Thank you

Darksparkle

It would first depend on how many days that's was for.

It would depend what expenses you have.

plasmarb

Say 5 days a week, 4 weeks a month etc..

I'm trying to work out what I will earn after TAX.

Darksparkle

plasmarb wrote: »

Say 5 days a week, 4 weeks a month etc..

I'm trying to work out what I will earn after TAX.

Impossible to say without knowing your expenses and total income for the year. You aren't taxed per day but on your total turnover less expenses for the year.

If you had no expenses and earned £180 per day x 5 days per week x 47 weeks a year (accounting for leave) you'd earn £42,300.

£42,300 - personal allowance £10,600 = £31,700
£31,700 x 20% = £6340 tax due.

You'd also have NIC to pay.

charlie-chan

HMRC are currently holding webinars at the moment if you have time to watch one?

https://www.gov.uk/government/news/webinars-and-videos-about-self-assessment