Monthly tax

Discussion in 'Managing Your Business' started by twinge1976, Jan 27, 2012.

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  1. twinge1976

    twinge1976 Member
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    Hi guys
    Just wondering if any of you pay your self employment tax monthly
    If so how do you set it up

    Cheers
     
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  2. James

    James Guru
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    Self employment Tax monthly? Do you mean national insurance paid monthly?

    This article explains how much you have to pay:
    http://www.hmrc.gov.uk/working/intro/class2.htm

    And this one tells you how to pay:
    http://www.hmrc.gov.uk/payinghmrc/class2nics.htm

    You don't mean completing your tax return do you?

    James.
     
  3. twinge1976

    twinge1976 Member
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    Hi james
    No mate I have seen a few posts where people
    Are saying they are paying at direct debit each month for their tax
    So they don't get big bill at end of tax year
     
  4. James

    James Guru
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    Yeah I think your talking about National Insurance. You can pay one large bill at the end of 6 months or pay £2.50 a week via Direct Debit.

    James.
     
  5. twinge1976

    twinge1976 Member
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    Ok mate thanks for your help :)
     
  6. Gav

    Gav Grand Master
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    No i have heard you can pay your tax bill monthly also. Can't remember where now.
     
  7. James

    James Guru
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    Oh really? I didn't no this?

    James.
     
  8. Gav

    Gav Grand Master
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    Yes cant remember where i heard it i think it is once you have done your return or something you can set up monthly payments. I could be wrong.
     
  9. James

    James Guru
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    I honestly can't see anything on the net about this?

    I've found CIS tax which you can sort out monthly:

    http://www.hmrc.gov.uk/cis/subcontractors/advice-pay.htm

    but I can't find anything else on it?

    James.
     
  10. chip

    chip Guru
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    you definately can cos a hmrc guy told my wife so, don't know how to arrange it though, phone them up, should get you somewhere
     
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