Income Tax & National Insurance:
Sole traders and both types of partnership
will pay income tax and national insurance on their profits.
Two types of national insurance are
Class 2 which is a fixed weekly
amount payable by monthly direct debit or quarterly bill,
Class 4 which is a profit related percentage.
We will discuss with you at our meeting
the dates of payment of tax and national insurance in order
that you can budget towards your tax liabilities.