Gross Income Needed to Net Differing Amounts


K

Ken

Anyone help with a table/graph/calculator/web link where I can see, at a
glance, the gross income needed to net differing amounts.

Ken
 
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R

Roger Mills

In an earlier contribution to this discussion,
Ken said:
Anyone help with a table/graph/calculator/web link where I can see,
at a glance, the gross income needed to net differing amounts.

Ken
It's easy enough to work out for a given set of circumstances, but there's
no universal relationship because there are too many variables:
* Different tax allowance depending on age
* Different tax rates for earned and un-earned income (until 5th April this
year)
* NIC payable on earned income but not on investment income or pensions
* Some of the 'income' may be offsettable against CGT allowance
etc.
--
Cheers,
Roger
______
Email address maintained for newsgroup use only, and not regularly
monitored.. Messages sent to it may not be read for several weeks.
PLEASE REPLY TO NEWSGROUP!
 
T

Troy Steadman

Anyone help with a table/graph/calculator/web link where I can see, at a
glance, the gross income needed to net differing amounts.

Ken
Right...you don't think there might be too many variables to make such
a table meaningful? The factors that will affect your net income start
with:

1) Where you live.
2) What the income is.
2) Other income you may have.
 
K

Ken

Troy Steadman said:
Right...you don't think there might be too many variables to make such
a table meaningful? The factors that will affect your net income start
with:

1) Where you live.
2) What the income is.
2) Other income you may have.
I only need a rough guide so I am able to say "In the region of" when I
discuss with people. I talk to those looking to work for themselves in a
shops, guest houses, cafe, etc. I point out that when they live on the
business some of the financial benefits they would enjoy would need a gross
income of £X.

Ken
 
T

Troy Steadman

I only need a rough guide so I am able to say "In the region of" when I
discuss with people. I talk to those looking to work for themselves in a
shops, guest houses, cafe, etc. I point out that when they live on the
business some of the financial benefits they would enjoy would need a gross
income of £X.

Ken
It seems a bit remarkable to be giving advice to people when you know
nothing about the subject - you aren't a Usenet subscriber by any
chance?

A rough rule of thumb for tax on wages and salary in the UK (which
doesn't include your self-employed people) is that we pay 1/3rd of our
income in tax.
 
N

neverwas

I only need a rough guide so I am able to say "In the region of" when
I discuss with people. I talk to those looking to work for themselves
in a shops, guest houses, cafe, etc. I point out that when they live
on the business some of the financial benefits they would enjoy would
need a gross income of £X.

Ken
If you are seriously into that area I think you may also need to take
into account housing benefit and/or tax credits.
 
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K

Ken

I only need a rough guide so I am able to say "In the region of" when I
discuss with people. I talk to those looking to work for themselves in a
shops, guest houses, cafe, etc. I point out that when they live on the
business some of the financial benefits they would enjoy would need a
gross
income of £X.

Ken
It seems a bit remarkable to be giving advice to people when you know
nothing about the subject - you aren't a Usenet subscriber by any
chance?

A rough rule of thumb for tax on wages and salary in the UK (which
doesn't include your self-employed people) is that we pay 1/3rd of our
income in tax.

Why not stick to helping me with my question (as you gave in your second
paragraph) and cut the sarcasm (as shown in your first paragraph).
You have no idea what I do and I why I seek help from the NG.
Ken
 
K

Ken

neverwas said:
If you are seriously into that area I think you may also need to take into
account housing benefit and/or tax credits.
It is always folks on normal income and no benefits who need some rough
guidance when considering the self employment route.

Ken
 
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T

Troy Steadman

It is always folks on normal income and no benefits who need some rough
guidance when considering the self employment route.

Ken
This is pretty damn foolish thing to say. It is always "folks" who
never get married and have children, and who don't pay rent and don't
pay council tax who are "considering the self employment route"?

They need to know about VAT and book-keeping, that they pay their tax
in two tranches, part of it in advance. There is a whole host of
important life-changing advice they need from an accountant.

If you give them information you downloaded from a IR30 calculator I
expect they will sue you. Here's a link to Professional Indemnity
insurance...

http://www.axa-insurance.co.uk/businessinsurance/professional.html
 
K

Ken

It is always folks on normal income and no benefits who need some rough
guidance when considering the self employment route.

Ken
This is pretty damn foolish thing to say. It is always "folks" who
never get married and have children, and who don't pay rent and don't
pay council tax who are "considering the self employment route"?

They need to know about VAT and book-keeping, that they pay their tax
in two tranches, part of it in advance. There is a whole host of
important life-changing advice they need from an accountant.

If you give them information you downloaded from a IR30 calculator I
expect they will sue you. Here's a link to Professional Indemnity
insurance...

http://www.axa-insurance.co.uk/businessinsurance/professional.html


For your info I do have PII.
I run my own company, am self employed, am Vat registered and know my way
around accounts.
You don't have a clue as to what I do and why I needed the help.
Help I have got from two other kind souls on this NG who have shown the
right spirit in replying to my question.


Ken
 
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M

Martin

Ronald Raygun said:
Does the term "payment on account" not ring any bells?
POA is in anticipation of [ establishing ] the actual tax due.

If it was not "in advance", there would be no need for repayments.

And, Troy, it's 3 tranches, not 2 [ allowing that the third may be
negative ] :)
 
P

PeterSaxton

This is pretty damn foolish thing to say. It is always "folks" who
never get married and have children, and who don't pay rent and don't
pay council tax who are "considering the self employment route"?

They need to know about VAT and book-keeping, that they pay their tax
in two tranches, part of it in advance. There is a whole host of
important life-changing advice they need from an accountant.

If you give them information you downloaded from a IR30 calculator I
expect they will sue you. Here's a link to Professional Indemnity
insurance...

http://www.axa-insurance.co.uk/businessinsurance/professional.html

For your info I do have PII.
I run my own company, am self employed, am Vat registered and know my way
around accounts.
You don't have a clue as to what I do and why I needed the help.
Help I have got from two other kind souls on this NG who have shown the
right spirit in replying to my question.

Ken
Are you willing to tell the newsgroup why you need this information so
that we can only direct you to appropiate links?

I don't think it's a good idea relying on what is on the internet if
you are dealing with a variety of people such as employees, self
employed, shareholders, or even a mixture of these.
 
T

Troy Steadman

Tim wrote:
Does the term "payment on account" not ring any bells?
POA is in anticipation of [ establishing ] the actual tax due.

If it was not "in advance", there would be no need for repayments.

And, Troy, it's 3 tranches, not 2 [ allowing that the third may be
negative ]   :)
In what way exactly is a "negative tranch" a payment of tax? :)
 
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K

Ken

This is pretty damn foolish thing to say. It is always "folks" who
never get married and have children, and who don't pay rent and don't
pay council tax who are "considering the self employment route"?

They need to know about VAT and book-keeping, that they pay their tax
in two tranches, part of it in advance. There is a whole host of
important life-changing advice they need from an accountant.

If you give them information you downloaded from a IR30 calculator I
expect they will sue you. Here's a link to Professional Indemnity
insurance...

http://www.axa-insurance.co.uk/businessinsurance/professional.html

For your info I do have PII.
I run my own company, am self employed, am Vat registered and know my way
around accounts.
You don't have a clue as to what I do and why I needed the help.
Help I have got from two other kind souls on this NG who have shown the
right spirit in replying to my question.

Ken
Are you willing to tell the newsgroup why you need this information so
that we can only direct you to appropiate links?

I don't think it's a good idea relying on what is on the internet if
you are dealing with a variety of people such as employees, self
employed, shareholders, or even a mixture of these.

I can understand your curiosity but after searching for something I couldn't
find 'vulgasandmischeivous' gave me an excellent link which is more than
suitable for my immediate needs. I only deal with those thinking about going
self employed usually buying an existing (usually small) business. I am
extremely careful about any advice I give as people, in this day and age,
seem more willing to threaten to sue for compensation. I also have numerous
aspects of legislation I need to be wary about but hey that is my chosen
career.

Ken
 

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