Anonymous
Anonymous asked in Business & FinanceTaxesUnited Kingdom · 4 months ago

If I am a self employed making around 100k a year how much will I get taxed?

9 Answers

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  • 4 months ago

    Get an accountant if you have to ask here.

  • Tavy
    Lv 7
    4 months ago

    You have a yearly allowance of £12.500 a year. After that you are taxed on the rest MINUS deductions for running the business. Phone, advertising, depreciation and so on. A good Accountant will bring down your tax bill.

    UK

  • 4 months ago

    It would depend on how much you can claim back for expenses.

    If you were PAYE, then it would be around £27,500. Hiowever, as self-employed, there are a number of things you can claim for related to your business.

    The Step Change website has a calculator to help work out an approximate figure.

    https://www.stepchange.org/debt-info/self-employed...

  • Anonymous
    4 months ago

    Tired of you UK idiots who think they own these boards.

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  • Kyle
    Lv 7
    4 months ago

    you would need a misc 1099 and pay quarterly estimates. otherwise you pay everything at tax time in April. it depends on what state you live in too.

  • Anonymous
    4 months ago

    Figure 25% total. maybe a little less if you max out an IRA or 401K.

  • 4 months ago

    You will owe around 25%. The key is to deduct everything you can imagine, including your home office & utilities. Even if you don't have a home office, you do. Any closet with work stuff is your office.

  • 4 months ago

    You pay BOTH sides of the Social Security tax so that is 12.4% right off the top, no deductions or exemptions. ($12,400) Leaving you $87,600 Then you are in the 24% tax bracket assuming you can not deduct anything so you pay that on the $87,600 ($21,024). That leaves you with $66,576. You can greatly reduce your tax burden by incorporating your business then pay yourself a dividend. Of course, this is in the USA, I bet in the UK your taxes will be a lot higher.

  • Anonymous
    4 months ago

    That's one for you, nineteen for me.

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