Tax.

[Bellend]

How do I pay it?

Started a new bank account now and wages etc will be paid in there.

Having a bit of trouble working out how it all works.

I get paid X amount a year and the employers pay NI for me.

Then will selling cars and private work I get profits for what I'd call my self employed business which is Y amount a year.

I've got a speadsheet and going to use MS Money as well but that's got what I paid out for parts, fuel and then what I got paid overall so profits.

Is it best to do this personal, or have that as a seperate company then pay myself a set wage? Obviously I know  I can't just then use that business account to go buy a PS3!

I want it all above board.

Thank you. 

[The Mighty Elvi]

I could explain.  But I'm not going to.  He doesn't deserve it.


Good luck to those that do.


Jonathan.

 

[Bellend]

I could explain.  But I'm not going to.  He doesn't deserve it.


Good luck to those that do.


Jonathan.

 

Would be super appreciated if ya did. Infact I pretty much only posted it here cause you're here. 

[Sam]

Get an accountant, you need to pay him £400 once a year and a good acountant should be making you money 

[RhosneigrGaz]

They have Accountants for this!     And if you don't want to shell out on an accountant....  Be prepared to shell out on the consequences if you don't employ an accountant!

But for the short term put 33% into a holding account, then when u work it out there should be a bit left over for a rebate!

[Bellend]

Hmm not quite into accountant territory yet I think but tbf probs a wise move in a few months. Just trying to get my head around life. Should be paying off soon, working til 10PM is absolutely knackering. 

[The Mighty Elvi]

Ok.  What you need to do is simple.

For the benefit of HRMC, you have ......Yawn....

Two PAYE codes.  One from your employer. One from you.  (In my awesome Elvi example you have set up your own LTD company, rather than self assessment based on capital gains etc.. because this entails you filling in a tax return, and we all know you aren't up to that level of paperwork.)


23.53.  Oh time for bed.


read this:

http://www.hmrc.gov.uk/incometax/check-multiple-codes.htm

There will be a test in the morning Josho!

Snuggles!

[Khare]

14 minutes till the morning is over and still no test! Hmm 

[T_J_G]

Hire an accountant. Job done. You need to work out tax for your personal employment and then for your other 'business'. Can't your employer set you up on a PAYE system.

[Mortimer Hill]

Setting up  limited company for the car dealing business is an extra level of complication.

You will have to have a separate bank account for the company

If you pay yourself salary, you will have to comply with PAYE rules and make PAYE returns

You will also have to produce annual acounts in a prescribed form and file them at Companies House. There are significant fines for failing to file these accounts on time

You will also have to submit annual returns and file those at Companies House

You are better off initially just trading as a sole trader and including the profits of your business in your annual tax return.

You should talk to HMRC about this and look at their website

http://www.hmrc.gov.uk/


also use the business link website:

http://www.businesslink.gov.uk/bdotg/action/home