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Self-employed?
Are you
paying more Tax and National Insurance than you have to?
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Tax and NIC
Burden |
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Self
Employed versus Limited Company |
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Tax &
NIC payable |
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Sole |
Ltd
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Profits |
Trader |
Company |
Savings |
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£ |
£ |
£ |
£ |
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10,000.00 |
885.00 |
586.00 |
299.00 |
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15,000.00 |
2,335.00 |
1,586.00 |
749.00 |
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20,000.00 |
3,785.00 |
2,586.00 |
1,199.00 |
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30,000.00 |
6,685.00 |
4,586.00 |
2,099.00 |
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40,000.00 |
9,585.00 |
6,586.00 |
2,999.00 |
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50,000.00 |
13,463.00 |
9,206.00 |
4,257.00 |
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75,000.00 |
23,963.00 |
19,206.00 |
4,757.00 |
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As you can
see from the above, since the recent |
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budget it
can save you more if you change from being |
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a sole
trader to incorporating as a Limited Company. |
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The above
Company profits are after taking into account |
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the new
2011/12 minimum annual wage rate of £7,072.00 |
For advice on setting-up an Ltd Company,
and how to reduce your Tax payments, contact us Here
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