How does employing work with regards tax/paye ?

Discussion in 'Managing Your Business' started by adamangler, Sep 19, 2016.

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  1. adamangler

    adamangler Wakefield Window Warrior
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    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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  2. daveyboy

    daveyboy Legend
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    Google hmrc employing and you will get your answer
     
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