Sole Trader Taxes

[Business1Solutions]

Hi

I'm 16 years old. Setting up as a sole trader.

Please can someone tell me all the taxes I will have to pay over the year or percentages etc.

Thanks
:)

[Business1Solutions]

Also is there anything I can claim for my age?

[Eagle]

How much will you be earning - and do you have any other employment or regular income?

[Business1Solutions]

Well I don't know of my income as it's my first year. But I would of though 1st year under £5000 profit.

[Business1Solutions]

And no other income at the moment.

[kontracta_com]

This should be a start (it's a bit early in the morning for me to write coherently I'm afraid so reading this would be a better bet):

http://www.businesslink.gov.uk/bdotg/action/layer?r.s=tl&r.l1=1073858805&r.lc=en&r.l2=1073859158&topicId=1073861140

And more reading about being self employed and taxes from your soon to be friends at HMRC:

http://www.hmrc.gov.uk/selfemployed/

[Jenni384]

Well I don't know of my income as it's my first year. But I would of though 1st year under £5000 profit.

Generally speaking:

If you make under £5000 a year profit and it's your only income, you won't pay tax.

You start paying tax on income over £6475 and this is taxed at 20%

You start paying Class 4 NI (on self employed profits) on profits over £5715 and this is at 8%.

You need to pay Class 2 NI at £2.40 a week if your profits are over £5075 a year; under this you can choose to apply for a small earnings exception on form CF10 (http://www.hmrc.gov.uk/forms/cf10.pdf).