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Post Thu Sep 02, 2004 4:17 pm

tax

hi, does anyone have a table of taxes, ie it tells you how much you should save going by what you have made during the month??
It was mentioned on here previously but i cant find the post!

cheers
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Post Thu Sep 02, 2004 10:16 pm

Just send them the lot. Not forgetting the shirt off your back.

(grab)
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Post Thu Sep 02, 2004 10:57 pm

I guess it depends on your type of business: I'm a one man band and I've been sticking about 25% of profit away although I'm hoping that my accountant's comment of paying bugger all this year is true, due to the fact that I've spent about a squillion quid on kit. You do have an accountant I take it? He's the one who should be able to give you a better answer.
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Post Thu Sep 02, 2004 11:04 pm

It all depends on the level of profit you are making.

However, As a rough guide, try and set aside 20 - 25% of the profit you are making to cover your tax bill (assuming you're not a ltd company but are trading as a sole trader or in partnership) this way you should avoid any unpleasant shocks come January and July when (as with all good citizens) you have to pay your tax bill to subsidise all of the non productive layabouts that scrounge off the rest of us :-? .
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Post Thu Sep 02, 2004 11:11 pm

rightsigns wrote:to subsidise all of the non productive layabouts that scrounge off the rest of us.


I wish you wouldn’t talk about Tony, John & Gordon like that. :o :lol1: :lol1:


Alan
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Post Fri Sep 03, 2004 10:25 am

thanks for the advice people will have a word with accountant.
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Post Mon Sep 06, 2004 8:01 am

Not that it has any effect in this instance, because so many of the taxes we pay are indirect, but there is an article in today's paper which says that middle earners are now paying 50% in tax. Someone on £50,000 per year hands over £25,000 to Her Majesty's Jackals.

Why did I get out of bed this morning ???

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