[Ali_D]

Just a quickie.

Does the taxman take 25%(ish) of your profit or the total hourly charge?

Thanks
Ali

[clifford]

hi

the tax man takes 10%of the 1st £1800-£2000 of your net profit and then the next band up is 20% then 40%. pension contributions and interest received on savings are all taken into account

hope this helps

cliff

[Ali_D]

Thanks cliff

[preston powerblast]

Plus 18% on builders cleans.

[BSF]

Plus 18% on builders cleans.

This is claimed back, end of year, or from paye system.

Regards

Paul

[martin19842]

hi there

cis is dependant upon your registration some people get gross payments.

if you are  a ltd co then you offset the monthly cis against your paye payments each month

if you are not a ltd co, the cis is paid to the tax man each month directly, and then it is used to offset any tax due after the tax return is submitted, and HEY HO i got MONEY BACK brilliant

regards

martin

[BSF]

Yes Martin,

that is what I was saying, the tax man doesnt get to keep 18% of your charges, as the post implied.

Regards

Paul

[Art]

Hasn't it got something to do with being cis4 or cis6??

[BSF]

See here

http://www.hmrc.gov.uk/cis/section1.htm

Regards

Paul

[BSF]

This is a better link

http://www.hmrc.gov.uk/cis/section2.htm

Paul

[Art]

Thanks Paul

[preston powerblast]

The post implied that the tax man borrows your money, but not the good old 25% that you had to have retained by the good old SC60. The monies are are only retained on labour and not materials.

[preston powerblast]

The post implied that the tax man borrows your money, but not the good old 25% that you had to have retained by the good old SC60. The monies are are only retained on labour and not materials and you are given a voucher but one man bands like myself have to wait annually for this.

[andrew chrysler]

As tax and VAT have now come under the same umbrella, H.M.Revenue & Customs, I have "inside knowledge" that they are preparing a simplified tax form for the small business.

A copy of the proposed form is below.

---------------------------------------------------

Name of Taxpayer

-------------------------------------------------------------

Address of Taxpayer

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How much money did you make this year ?

-------------------------------------------------------------

Send it to us.

[D woods]

Hi Andrew
They I think they  have been sending me that form for years.