Net salary difference

Cross_Man

sultan123 said:

I am a mechnical engineer.

Which is good as it means you are highly numerate.

The best thing is to use the link provided above to work out the NI on the s-e income as then you will know how it has been worked out and have faith in the answers rather than relying on random people on the internet who are likely no more competent mathematicians than a Mechanical Engineer.

Grumpy_chap said:

Income Tax on £10k sole-trader earnings extra above £80k - £90k PAYE = £4k.
Plus NI:
https://www.gov.uk/self-employed-national-insurance-rates

It will allow you to satisfy yourself or otherwise as to the number provided by others:

sultan123 said:

Ath_Wat said:

£167.82 NI.

If anyone gives you any other figure they are wrong.

How was this calculated

Ath_Wat

sultan123 said:

Ath_Wat said:

£167.82 NI.

If anyone gives you any other figure they are wrong.

How was this calculated

With the correct calculations.

You have to take my word for it if you won't check it yourself.  I know it's easier to do nothing for yourself and just constantly ask other people to do it for you, but that's the downside; you are reliant on them being right.

sultan123

Ath_Wat said:

sultan123 said:

Ath_Wat said:

£167.82 NI.

If anyone gives you any other figure they are wrong.

How was this calculated

With the correct calculations.

You have to take my word for it if you won't check it yourself.  I know it's easier to do nothing for yourself and just constantly ask other people to do it for you, but that's the downside; you are reliant on them being right.

Sorry I meant did you just do 40%

74jax

sultan123 said:

Ath_Wat said:

sultan123 said:

Ath_Wat said:

£167.82 NI.

If anyone gives you any other figure they are wrong.

How was this calculated

With the correct calculations.

You have to take my word for it if you won't check it yourself.  I know it's easier to do nothing for yourself and just constantly ask other people to do it for you, but that's the downside; you are reliant on them being right.

Sorry I meant did you just do 40%

What I think everyone is saying, is, why don't you try the math and see? It will be much quicker than waiting for people to reply. 
Try it and see if it was done at 40%, or not. 
All the calculators have posted for you. 
You will have an accountant to help. 
Everyone doesn't mind helping, at all, but numerous people have posted calculator links, said where to get advice and explained you need to run through it all yourself so you know the figures are correct, and not just what we are saying. You need to be clear in your own head, that the figures are what you agree with. 

JohnnyB70

None of this makes sense. To be a mechanical engineer requires a degree that involves advanced maths.

I was a physicist, and the engineers I was at college with had the same sort of maths as did we.

It’s not possible to be a mechanical engineer and not be able to do basic arithmetic. It’s like someone blind claiming to be a commercial pilot.

On-the-coast

JohnnyB70 said:

None of this makes sense. To be a mechanical engineer requires a degree that involves advanced maths.

I was a physicist, and the engineers I was at college with had the same sort of maths as did we.

It’s not possible to be a mechanical engineer and not be able to do basic arithmetic. It’s like someone blind claiming to be a commercial pilot.

I agree.  I studied Electrical, Electronic & Mechanical Engineering at university. What would be now be called systems Engineering. 

It seemed to me that for the first 2 years, everything we studied was subordinate to maths, maths & more maths!

Grumpy_chap

sultan123 said:

Ath_Wat said:

sultan123 said:

Ath_Wat said:

£167.82 NI.

If anyone gives you any other figure they are wrong.

How was this calculated

With the correct calculations.

You have to take my word for it if you won't check it yourself.  I know it's easier to do nothing for yourself and just constantly ask other people to do it for you, but that's the downside; you are reliant on them being right.

Sorry I meant did you just do 40%

The 40% is for income tax and someone with even the most basic numeracy skills can do that in their head for the £10k earnings.

It clearly does not give the answer in the range near the number provided by @Ath_Wat for NI on the £10k.  The link to how to calculate the NI has been provided up-thread and is simple to follow.  OR, accept the answer provided as near-enough for now.

When the end of the year comes, your Accountant can confirm the final exact number, which will depend on actual final profits which almost certainly will not be exactly £10k.

Really, for most purposes an indicative "near enough" number will be sufficient to make decisions as the year progresses.  You only need the actual numbers when this is assessed by the Accountant and you are making the tax / NI payments.  The best thing anyone can recommend is to get an Accountant as soon as possible.

It will be really difficult for anyone to help you any more given the information that is shared and not shared.  

kimwp

sultan123 said:

I am a mechnical engineer.

On 80-90k? Which industry?

Cross_Man

Engineers, as in Degree-qualified and experienced, Chartered Engineers do enjoy good earning potential.  More than most careers, even the "high earning" sectors like law but not as much as medics:
https://www.bbc.co.uk/news/education-41693230#

The odd thing is how that is achieved combined with an apparent complete lack of an numeracy skills.

kimwp

Cross_Man said:

Engineers, as in Degree-qualified and experienced, Chartered Engineers do enjoy good earning potential.  More than most careers, even the "high earning" sectors like law but not as much as medics:
https://www.bbc.co.uk/news/education-41693230#

The odd thing is how that is achieved combined with an apparent complete lack of an numeracy skills.

I'm an experienced chartered engineer in one of the higher paid industries, albeit not in London and an employee rather than contractor.