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How much do a small business pay for tax and national

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How much do a small business pay for tax and national insurance in UK

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Sole trader -

If you trade as a sole trader (small business with profits upto £50,000), you would pay

- Income tax at the rate of 20% on income after tax free personal allowance of £12,500

- Class 2 NI (for self employed) Flat rate per week £3.00 where profits exceed £6,365 per annum

- Class 4 NI (for self employed) 9% on profits between £8,424 - £50,000

LTD company -

Corporation tax on profits at 19%

Class 1 NI on salary between £166-£962 per week

employee contribution 12% and employer contribution 13.8%

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