Being self employed- calculating tax and pensions etc?

nictu

Hello,
I'm currently working part time on PAYE. I've been offered another job for more money, but I would be self employed. I've never been self employed always PAYE. I will of course look in government websites but I would like to ask for advice here as to how I calculate how much tax etc I would be paying if I started working for myself.
Any advice is greatly appreciated,
Nick.

Dazed_and_C0nfused

I've been offered another job for more money, but I would be self employed.

So you've not been offered another "job" then.

If you are starting your own business then you will need to factor in tax, Class 2 and 4 National Insurance, student loan and potentially High Income Child Benefit Charge as part of your overall Self Assessment liability.

If you expect to have profits under £50,270, aren't Scottish resident for tax purposes, aren't liable to the High Income Child Benefit Charge and have no other taxable income then pension contributions wont save you any tax but they will benefit from basic rate tax relief being added i.e. you contribute £4,000 and the pension company adds £1,000 tax relief giving you a pension fund of £5,000.

TBagpuss

I find that https://www.uktaxcalculators.co.uk/tax-calculators/personal-tax-calculators/ is quite useful - they don't cover everything but would give you a rough idea - you need to put in pension amounts yourself as of course if you are self employed it's up to you to organise your own pension and decide how much you will payu into it. 

Marcon

You might find this helpful: https://www.contractorcalculator.co.uk/permanenttocontractingcalculator.aspx