Comments on: I am starting a home based business as well as i am a full time employee in London, how much tax do i pay? http://www.mikedillard-magneticsponsoring.com/622/i-am-starting-a-home-based-business-as-well-as-i-am-a-full-time-employee-in-london-how-much-tax-do-i-pay/ Mike Dillard MLM Training Sat, 19 May 2012 03:05:29 +0000 hourly 1 By: suerye http://www.mikedillard-magneticsponsoring.com/622/i-am-starting-a-home-based-business-as-well-as-i-am-a-full-time-employee-in-london-how-much-tax-do-i-pay/comment-page-1/#comment-2954 suerye Tue, 11 Aug 2009 11:25:59 +0000 http://www.mikedillard-magneticsponsoring.com/622/i-am-starting-a-home-based-business-as-well-as-i-am-a-full-time-employee-in-london-how-much-tax-do-i-pay/#comment-2954 Thre are a lot of wild guesses here. You will pay tax on the profits from your business as well as class 2 NIC's (about £2.50 pm). If your earnings from your main job are over about £42k, the tax wil be charged at 40%, below that, tax is at 20%. It is really unlikely that you would be liable to business rates, assuming you are just using one room.<br><b>References : </b><br>ex Inspector of Taxes Thre are a lot of wild guesses here.
You will pay tax on the profits from your business as well as class 2 NIC’s (about £2.50 pm). If your earnings from your main job are over about £42k, the tax wil be charged at 40%, below that, tax is at 20%.
It is really unlikely that you would be liable to business rates, assuming you are just using one room.
References :
ex Inspector of Taxes

]]> By: cheese on toast please http://www.mikedillard-magneticsponsoring.com/622/i-am-starting-a-home-based-business-as-well-as-i-am-a-full-time-employee-in-london-how-much-tax-do-i-pay/comment-page-1/#comment-2953 cheese on toast please Tue, 11 Aug 2009 11:03:59 +0000 http://www.mikedillard-magneticsponsoring.com/622/i-am-starting-a-home-based-business-as-well-as-i-am-a-full-time-employee-in-london-how-much-tax-do-i-pay/#comment-2953 Before anyone can answer this the following information is needed, 1. Total taxable employment income 2. Information of any Dividends and Savings (they are taxable remember) 3. Prodicted Turnover Of Self-employment 4. Costs relating to Self-employment.<br><b>References : </b><br>Disclaimer, any information povided by me is not to be acted on without seeking advice from another accountant or tax adviser. Before anyone can answer this the following information is needed,

1. Total taxable employment income
2. Information of any Dividends and Savings (they are taxable remember)
3. Prodicted Turnover Of Self-employment
4. Costs relating to Self-employment.
References :
Disclaimer, any information povided by me is not to be acted on without seeking advice from another accountant or tax adviser.

]]> By: Graham W http://www.mikedillard-magneticsponsoring.com/622/i-am-starting-a-home-based-business-as-well-as-i-am-a-full-time-employee-in-london-how-much-tax-do-i-pay/comment-page-1/#comment-2952 Graham W Tue, 11 Aug 2009 10:16:59 +0000 http://www.mikedillard-magneticsponsoring.com/622/i-am-starting-a-home-based-business-as-well-as-i-am-a-full-time-employee-in-london-how-much-tax-do-i-pay/#comment-2952 You need not worry about paying business tax for the first 12 months. Business and Day job are seperate items as far as tax is concerned. You will pay tax on your day job in the normal way and pay tax on any profit from your business seperately. Be careful about about working from home because there are two seperate community taxes. One is the basic commity tax but you might have to pay business tax on your home. It is best that you do not let too many people know that you are running a business from home.<br><b>References : </b><br>Experience You need not worry about paying business tax for the first 12 months.
Business and Day job are seperate items as far as tax is concerned. You will pay tax on your day job in the normal way and pay tax on any profit from your business seperately.

Be careful about about working from home because there are two seperate community taxes. One is the basic commity tax but you might have to pay business tax on your home. It is best that you do not let too many people know that you are running a business from home.
References :
Experience

]]> By: Keith G http://www.mikedillard-magneticsponsoring.com/622/i-am-starting-a-home-based-business-as-well-as-i-am-a-full-time-employee-in-london-how-much-tax-do-i-pay/comment-page-1/#comment-2951 Keith G Tue, 11 Aug 2009 10:11:59 +0000 http://www.mikedillard-magneticsponsoring.com/622/i-am-starting-a-home-based-business-as-well-as-i-am-a-full-time-employee-in-london-how-much-tax-do-i-pay/#comment-2951 If your total income(employment and self-employment) is over £40,000 - £50,000(I forget which) then you will have to pay 40% if under then 23% There is nothing you have to pay before you start but you should sort out National Insurance contributions & Liability insurance and you will need to go to your local tax office and register as Self-employed.<br><b>References : </b><br> If your total income(employment and self-employment) is over £40,000 – £50,000(I forget which) then you will have to pay 40% if under then 23%

There is nothing you have to pay before you start but you should sort out National Insurance contributions & Liability insurance and you will need to go to your local tax office and register as Self-employed.
References :

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