Hello all,
I’ve just started up own Limited Company and I’m trying to work out how TAX and National Insurance works for myself as a Company Director. I think I have figured it out but I was just wondering if I have figured it out correctly or do I need to take National Insurance of before TAX or TAX of before National Insurance?
Below is how I have worked it out based on being paid £1500 a year:
£1500 – 9% (Class 4 NIC) = £615.24
£1500 – 20% (Income Tax) = £700
Plus £2.80 per week (Class 2 NIC) = £148.20
Total: £1463.44 (Due to HMRC)
Does this look correct or have I worked it out wrong?
Thanks
James
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