A friend of mine is currently a sole trader but he now expects to make a profit of around £50,000 this tax year. I was looking into the comparisons of tax & take home between sole trader & ltd and wanted to check these figures are correct: SOLE TRADER;
£50,000.00 | NET PROFIT |
£10,000.00 | PERSONAL ALLOWANCE |
£40,000.00 | |
£9,627.00 | TAX |
£143.00 | CLASS 2 NIC |
£3,214.51 | CLASS 4 NIC |
£12,984.51 | TOTAL TAX & NI |
£37,015.49 | TAKE HOME |