Paying taxes

Hey,

I recently started a part time job at a game development company (they're a real company based in Spain) and am starting to get paid. Starting from next month I'll be making £1,100 per month (£13,200 per year) and this is over my personal allowance. The company pays me through PayPal and I am an independent contractor if that makes any difference. What forms would I need to fill out to avoid any tax problems and how much of my money will be taxed?

Thanks

Reply 1

64gaso146wd

Original post by iBearHQ

Original post by 999tigger

20% on the bit above £9440.

Self assessment.

http://www.johnmtaylor.co.uk/resources/taxation-guide-for-self-employed/

That's from the wrong tax year. It would be 20% of everything over £11500 (so 20% of £1700) over the whole year, plus there's also National Insurance that you need to pay.

Try using a salary calculator to work it out
http://www.thesalarycalculator.co.uk/

Reply 2

999tigger

Original post by kristianabanana

Correct sorry not paying attention.

http://www.employedandselfemployed.co.uk/self-employed-tax-calculator

(edited 6 years ago)

Reply 3

Reue

You need to register for self assessment and get a UTR number.

Then, when you fill in the self assessment form each year it will ask for your details and calculate the amount of tax you owe.

Reply 4

EVIEG

Be careful with this, you definitely need to register for self assessment which can be found online. Do this ASAP to avoid any confusion with potentially having to repay taxes that you could end up owing further down the line...

Use this tax calculator: https://www.income-tax.co.uk/ really useful tool!

Good luck with everything! :smile: