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Keeping On Top Of Tax

Discussion in 'Business & Tax Advice' started by pokerjk, Sep 27, 2011.

  1. pokerjk

    pokerjk Senior Member

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    I'm from the UK and this year registered as a sole trader.

    So at the end of the year I will have to pay tax on my earnings over a certain figure.

    How do control your money for paying your tax bill at the end of the year? Do you open a new bank account and take 20% of every payment you receive and transfer that 20% into the account? This way all the money in this new account can be used to pay the tax bill at the end of the year.

    I don't want to get to April and not have the money...? :eek:
     
  2. mattbowden

    mattbowden Regular Member

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    Get an accountant or separate the tax at source. I pay my tax and vat every three months so I dont get a nasty bill at the end of the year. Pm me if you need any help.
     
  3. SteX13

    SteX13 Registered Member

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    • Thanks Thanks x 1
  4. mattbowden

    mattbowden Regular Member

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    Get an accountant or separate the tax at source. I pay my tax and vat every three months so I dont get a nasty bill at the end of the year. Pm me if you need any help.
     
    • Thanks Thanks x 1
  5. StarscreamBeats

    StarscreamBeats Newbie

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    I would LOVE to live in the U.K... 20% tax? I live in Stockholm, Sweden. I pay 50% on everything I earn. If I make over $100K I will have to pay over 54% :zx11pisse
    On the other hand, I only pay $10 If I need to go to the doctor. And studying is free in every college... Sucks owning a business in sweden though. Just look at IKEA (swedish company for those who didnt know), guess 3 times why they are not registered on the stock market. They claim it is a "private company". 80% of their earnings goes into "non-profit" organisations in Holland.
     
  6. Jon0

    Jon0 Regular Member

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  7. pokerjk

    pokerjk Senior Member

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  8. wokaka

    wokaka Senior Member

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    haha man, must be sux. I was on vacation in Sweden last summer and yeah people there told me how sux it is to be an entrepreneur there.

    However, it's nice to only pay $10 to doctor and how studying is free. Here in Indonesia you have to pay full expense to a doctor and there's no insurance unless you invest in commercial insurance companies like Prudential or Allianz. College is hella expensive too, you even have to pay hourly parking fee in some fancy colleges..

    Tax is at 35% maximum though and you can even fool the government because they won't look into your bank account unless they suspect you fool them. But if you don't file anything suspicious in your report etc. they won't notice. I paid only 1/5 from what I supposed to pay last year