I will be going self employed at the end of the month and was hoping some of you kind gents could recomend some tax calculating software.
I am looking for something that will allow me to calculate my monthly tax deductions. I dont want to get a huge bill next april.
Thanks

When I was I got an accountant. Cost £400 a year approx but saved far more by knowing the little legit fiddles.

Then the work stopped comming in....

Check what your accountant uses/can use (if your using an accountant). Its a real bind if you use different or non compatable software.

[Edited on 23/3/05 by clbarclay]

I put the books /receipts together then my accountant sorts it with the revenue , costs about £250 , I dont know what he does but it seems to work out OK....

You can do it all in Excel or you can use sage which is good, depends on how much you're going toearn and if you're going to employ people.

I'm sleeping with my accountant so i get mine done for free!

Thanks Guys, I probably will use an accountant but was looking for some software that would let me know how much to put aside each month. i am seeing accountants this week so will ask them what they use.

Try this.



Clive

I contracted for 5 years and in the end used a "Shelter Company" run by an accountancy firm in coventry who i can recommend. they basicallyt invoice the client and then pay you monthly less tax NI etc and also hold back a percentage to build up a holiday fund so you can take paid holidays. The montly fee wasnt much and was well worth it to know that my Tax & NI liabilities were being covered. PM me if you want their details.

Mac

Depends what your business is,if it's just your wages you are working out I'm not sure what to recomend. But if you have purchases and sales I found my easiest way was to set my own spreadsheets using excel,and autosum makes simple book keeping really easy to adjust and follow.
Sage is probably the most widely recognised programme if you need to link one part of your accounting to another.

the best approach, IMHO, is the old classic 'LIE LIE LIE' approach.

saves a fortune

Put 25% of everything you earn in a pot. (NI gets paid seperately) then at the end of the year when accountant asks or thousand, youll have too much and can book a holiday - I do this and I NEVER have a shortfall.