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How much should I save for my tax?

After you've been self employed for just over a year you'll start to pay your tax and national insurance every six months based on your previous year's income.

And this is where it starts to become difficult because how do you know, until you reach that stage, how much you have to save towards your tax liability. Fortunately, there is an excellent tax calculator on the TaxRelief4escorts website which will give you a good idea of how much to set aside.

It assumes your only taxable income is from your (self-employed) sex work business so be careful if you have other income (e.g. a part-time job) as this will distort the figures.

The table below will give you a quick idea of the percentages you should be saving.

Monthly income (after expenses) Percentage of your income to save
£1000 6%
£2000 18%
£3000 22%
£4000 25%
£5000 29%
£6000 31%


 

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