I want to take a percentage of each project and set it aside for tax. What is a reliable way of doing this?
Yep. Also your operational costs (phone, internet, energy etc) and capital allowances (computer, camera equipment, ipads etc) are deducted from your income so your profit and therefore tax bill will be reduced. Obviously the exact items which you can claim for and what categories they fall under can be a little confusing but ultimately that is the general idea.Am I right in thinking that your tax free allowance is deducted from your income profits before tax is calculated. IE, if I bring in 20,000, I will only be taxed on 20000-9440=£10560?