Sponsored Ad

Dismiss Notice
For fuller site visibility and advert-free browsing, simply log-in or register.

Getting finances sorted with HMRC

Discussion in 'General Royal Marines Joining Chit Chat' started by Trooper149, Dec 8, 2019.

  1. Trooper149

    Trooper149 Member

    Joined:
    Feb 24, 2017
    Posts:
    120
    App Stage:
    Passed PJFT
    A question perhaps for the more worldly, swashbuckling members of this forum.

    I am 24 and after 6 years of working overtime, moving locations several times, having quite a few jobs, self employed for a year and being a student for another year, I've started taking HMRC a little more seriously.

    I'm getting through it, all the P45s, NIs, student debt, etc and coming up against some questions which HMRC aren't really being resourceful about (go figure).

    One question that is haggling me is National Insurance (NI). Is NI a set amount e.g. £780 that you need to pay annually if your income is over I think £8632? OR is it a 12% deduction on your wage/salary if you are predicted to earn over £8632 which would equal £1035.84.

    I'm contemplating booking time with an accountant as I really want to understand what I am doing here but would appreciate any advice.

    Tom
     
  2. Caversham

    Caversham Former RM Commando, Moderator

    Joined:
    Mar 22, 2009
    Posts:
    4,652
    If you earn over £166 p.w. you will pay 12% of your earnings up until you earn around £920 p.w. when it drops to 2%.

    My advice is to see an accountant, or alternatively it's all in here: https://www.gov.uk/national-insurance

    Alan
     
    • Like Like x 1
    • Gen Dit Gen Dit x 1
    • Gucci Info Gucci Info x 1
  3. Chelonian

    Chelonian Moderator

    Joined:
    Aug 10, 2010
    Posts:
    8,501
    • Like Like x 1
    • Hoofin Hoofin x 1
  4. Trooper149

    Trooper149 Member

    Joined:
    Feb 24, 2017
    Posts:
    120
    App Stage:
    Passed PJFT
    Cheers guys, adding these to my swashbuckling as we speak. What is your experience with getting P45s directly from HMRC? Since I got my first job 8 years ago when I was 16, I've probably had about 22 approx official jobs so needless to say, quite a few P45s which I would like to take a look at to double check my NI and Income Tax contributions in relation to self employed stuff I was doing.
     
  5. Faugery

    Faugery Well-Known Member

    Joined:
    May 10, 2019
    Posts:
    537
    App Stage:
    Parent
    Call your tax office, they are very helpful.
     
    • Like Like x 1
  6. sharpe

    sharpe Active Member

    Joined:
    May 14, 2019
    Posts:
    276
    App Stage:
    Parent
    When you use the word swashbuckling in a thread about your tax affairs it does suggest some “creative” thinking! Think integrity and get yourself a good accountant if there maybe some gaps
     
    • Like Like x 1
  7. Johnny_Anonie

    Johnny_Anonie Moderator

    Joined:
    Mar 17, 2019
    Posts:
    801
    This is my favourite phrase of the day.
     
    • Like Like x 1