Quote:
Originally Posted by christina  hi guys,
i am getting married next year and have just settled down with a mortgage for my first house, so i'm in desperate need of a higher salary!  i am in the process of handing in my resignation to my full-time sainsburys pharmacy. i just want to ask what the actual salary is for a locum pharmacist after all tax deductions if you were to set up your own limited company? i understand obviously this varies with the rates of pay and the number of hours u work a week, but generally speaking say you were to take in £45k or £50k inc. tax, what would be the rough amount you would end up with after paying tax (taking into account of all taxable deductions eg. car costs, stationary etc...)?
am i asking the question right  i really need some help in all these tax queries! many many many thanks in advance!!  |
The Old Merlin,
The advice always used to be to save between 20% and 30% of your earnings to pay tax although the amount you need to pay to the taxman varies over the years. In the first year you can claim set up costs for your business which can be written off against tax etc. Rather than ask one of us non-qualified financial advisor's I'd always ask an expert. TaxAssist specialise in advising small businesses which is in effect what you are as a locum and will agree a fixed fee for your accounting which can be spread over 12 months. This is much better than a big bill at the end of the year. Tax Assist have over 175 offices across the UK and you can find your nearest by calling 0845 0099990