2006-10-27 02:48:20 · 10 answers · asked by otley5eyes 1 in Business & Finance ➔ Taxes ➔ United Kingdom
You dont deduct it yourself it is done by your employer using tables from the Inland Revenue. If you are selfemployed its done at the end of the year on a Self Assesment. If you are not sure contact the Inland Rev or a book keeper like me.
There is a link on my web site for the Inland Rev
2006-10-27 04:08:41 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Salary implies that you are an employee on PAYE (Pay As You Earn) - this means that the company accountants will automaticallyy deduct the NI and income tax from your salary - keep an eye on the tax code they give you though - especially if you have just started, they may put you onto an emergency tax code which will be really high.
2006-10-27 02:57:52 · answer #2 · answered by Philadelphia 2 · 0⤊ 0⤋
I too am wondering how to account for this as I'm the guy who has got a loan from my company and also the guy who runs payroll! The previous answer to your question didn't inspire confidence in me as the person didn't know what NI is... Having said that, I'd be pretty amazed (and v happy) if the deduction came before TAX and NI.
2016-03-28 09:09:07 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You need the correct tables from the Inland Revenue
2006-10-27 02:57:19 · answer #4 · answered by Angel D 4 · 0⤊ 0⤋
If you are employed, your employer is responsible for deducting about 20% for the NI
If you are self employed, the NI will tell you how to do it when you register.
2006-10-27 04:08:45 · answer #5 · answered by Anonymous · 0⤊ 3⤋
NI is based at a constant 8.64% of your entire salary.
Tax is 24.5% generally however if your earn less than £4500 get a proper job or if you earn more than £39,999 you pay 40%.
You take the % off the entire wages as well. Which is why people who can see this, know that they are being taxed twice.
Nice Government hey!!!!!!!!!!!!
2006-10-27 02:59:02 · answer #6 · answered by Sean F 1 · 0⤊ 4⤋
Take away 1/3 of your yearly pay.
2006-10-27 02:56:09 · answer #7 · answered by pippynip 2 · 0⤊ 1⤋
You don't, your employer does that (unless you're self-employed or a contractor).
2006-10-27 02:52:18 · answer #8 · answered by Daniel R 6 · 0⤊ 0⤋
employ an accountant, thats what I did
2006-10-27 02:55:05 · answer #9 · answered by Anonymous · 0⤊ 0⤋
don't worry - the 'bean counters' will do it for you automatically.
2006-10-27 02:51:53 · answer #10 · answered by Anonymous · 0⤊ 1⤋