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New NI for self-employed
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leopoldo_2
Posts: 115 Forumite
in Cutting tax
I know that as of now the rate rises by 1.25% and also that in July the threshold rises by 3000 pounds. But how will that work in practice for someone who is self-employed and simply declares yearly earnings for 22/23 next year?
I like to make sure that I put away a suitable amount every month for tax and NI (adjusting as the yearly picture emerges) so that there are no nasty surprises when I file my return.
All I can imagine is that there will be 2 separate boxes for earnings in 22/23?
I like to make sure that I put away a suitable amount every month for tax and NI (adjusting as the yearly picture emerges) so that there are no nasty surprises when I file my return.
All I can imagine is that there will be 2 separate boxes for earnings in 22/23?
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Comments
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The threshold will be apportioned - the old threshold for three months and the new threshold for nine months. The effect will be that you will not pay Class 4 NIC on the first 11908 of profits for 2022/23.2
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That's great to know, many thanks, will make it far easier to calculate based on my running total.
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