How much of my turnover / profit will be tax?

rickyhyde · 31-10-2009, 09:00 PM

I am starting up my own online business selling mens designer wear but i can not find anywhere the percentage of tax i will pay on the money i will make. Also would i still have to pay the flat rate NI of £2.40 a week even though i have a full time job and pay NI there?

This maybe a simple question but i do not have a clue when it comes to tax.

Thanks

Ricky

**jamestyrer** · 31-10-2009, 09:26 PM

It depends on what profit u make. And yes, if your are self employed as well as working full time, you will have to pay the extra nI

rickyhyde · 31-10-2009, 09:30 PM

Ok thanks for letting me know

The Wii Shop · 31-10-2009, 09:36 PM

http://www.businesslink.gov.uk/bdotg...cId=1073859218

rickyhyde · 31-10-2009, 09:42 PM

I have been on that site but i could not see any acutal figures. I was looking for an example of say my turnover for the year was 10k and my profit was 5k then i would pay x amount of tax. I am just being impaintent realy and should just wait until Monday morning and phone them lol.

Thanks for the replies though.

Ricky

**JustCraig** · 31-10-2009, 09:44 PM

Its a difficult question to answer with the info you have given. It would be worth checking out the above link (Business link). If you still have no idea where to start, it would be worth speaking to an accountant. Just keep records of everything you earn and everything you spend.

The Wii Shop · 31-10-2009, 09:49 PM

Yep and give business link a ring on monday they are very helpful.

**jamestyrer** · 31-10-2009, 09:55 PM

Go for a 23% tax charge on average

**JustCraig** · 31-10-2009, 10:02 PM

Also might be worth having a read through the following thread too.

Tax - What is profit ?