Tax advice?

[Skinpassion]

Hi all
Do you save 20% of your earnings every month ready for tax bill at the end so you know for sure you will have enough and have too much left?! My first year of trading and petrified!

 

[squidgernetball]

It's usually way too much but it depends on what your turnover is - and don't forget you're allowed to earn around £10,500 before you're liable for tax. All you work related bills, expenses and travelling are all deducted so look at what's left.

Very simply, if you take £15000 in the year and you spend £5000 on all your expenses then you have £10000 left so no tax liability x

 

[Skinpassion]

Thank you going to have a tough first year though as I had a full time job for first half of financial year so have already hit my £10,000!

 

[squidgernetball]

Yes two jobs is pretty crap isn't it [emoji85]

So save save save x