Starting a business as a sole trader in 2014? What are the tax rates?Get Started in Business in Blackpool


Taxation must be a major factor when making the decision to go self employed?

If people knew how much they could make before paying tax they would rush in to the opportunities available

Start up loans available up to £25,000

New Enterprise Allowance for unemployed including weekly benefits of £65 for first 13 weeks and then £33 for next 13 weeks, and potential loan of an average £2,500

Free advice everywhere

YOU ONLY PAY TAX ON PROFIT

2014-2015 rates are simple

NO TAX TO PAY on first £10,000 profit. NOTE PROFIT!

20% tax on all profits ABOVE £10,000 up to £31,865

40% above £31,866 unto £150,000 profit, remember the word is PROFIT

You pay this in arrears

2014-2015 tax year requires any tax due to be paid at the end of January 2016!

Class 4 National Insurance contributions are payable  on profit above £7,956 at the rate of 9%. Just as in Tax, you pay this on PROFIT and not until January 2016

Class 2 national insurance is payable by everyone that registers for self employment on a weekly basis usually by direct debit at the rate of £2.75 per week.

You can apply for small earnings exemption if you believe that your business will make a profit of less than £5,885

You can claim for most things you buy to start your business and rehired to run your business. best visit HMRC website for more details. My tip is keep receipts and claim if you believe it has been genuinely purchased to run your business.

So that is it, what are you waiting for?

visit our site at http://www.blackpoolunlimited.co.uk

or if you live in Blackpool, ring 01253 477147 and get our help.  it is all free

Geoff reeves

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s