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How does employing work with regards tax/paye ?

adamangler

Wakefield Window Warrior
Messages
4,263
Location
Wakefield
Was just pondering

Can someone explain how it works roughly.

Obviously if i were ever to employ i would take advice from an accountant, just for an idea

Say for arguments sake i turned over £48k per year and paid and employee £8000 a year in wages

what other costs does an employee incur? is it there class 1 Nics you pay?

also how is profit then worked out?

would there wages be a tax deductable expense ? so 48k - 8k minus whatever other expenses you have

cheers

 
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