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tax / NI calculator for employed and self employed
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[Deleted User]
Posts: 0 Newbie
in Cutting tax
Hello,
Wasn't sure which board to post this on but I'm a higher rate tax payer through my main job, I'm starting a side hustle in a small way to start with, in which I will be self employed, I have read the site guide to if you need a business bank account and I know I will have to track income/expenses and put some money aside for tax, what I don't know is how to calculate this and I wondered if someone might know of a preferably free or v.low cost software - and also if I will need to pay the NI every month.
Wasn't sure which board to post this on but I'm a higher rate tax payer through my main job, I'm starting a side hustle in a small way to start with, in which I will be self employed, I have read the site guide to if you need a business bank account and I know I will have to track income/expenses and put some money aside for tax, what I don't know is how to calculate this and I wondered if someone might know of a preferably free or v.low cost software - and also if I will need to pay the NI every month.
0
Comments
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You don’t pay NI every month.
The tax will be at 40%. The Class 4 NI will be at 9% on profits over 9500 in this tax year, 10.5% from April. You will also be required to pay Class 2 through your tax return - currently £3.05 per week.0 -
Class 4 level is £9,568 for 2021/22.0
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thank you both, so I could just track myself with a spreadsheet to start with, what about NI on profits up to 9,500?0
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No NI on profits up to 9568.0
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even better, thank you very much.0
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