How do I make sure I put enough aside for tax?
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How do I make sure I put enough aside for tax?
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As a general rule of thumb, anyone setting up as a self employed person for the first time should expect to reserve around 30% of their total income to set aside for tax and national insurance payments. If you do this you should always have enough money available to pay those bills. Failing to reserve funds for tax bills could leave you in a situation where you do not have enough money to pay HMRC and this could result in the end of your business!
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