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Are we being ripped off? My 2020 wish list for self employment...

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A little while ago I asked the wonderful YouTube community what self employment taxes look like in your country? How much tax would you need to pay on a sole trader profit of £20,000 (around $26,000 USD). Note I'm talking about profit and not turnover, so after expenses etc. In the UK your total tax bill would probably be £2,679.12 - that includes income tax AND national insurance, based on the current tax free allowance of £12,500. In the UK you'd have full free healthcare and state pension for this. In many other countries you'd have healthcare costs on top of your usual taxes. Thank you so much to everyone who responded, the results were enlightening!

Sources (please check my figures!):
EU VAT Thresholds by country: https://www.avalara.com/vatlive/en/eu-vat-rules/eu-vat-number-registration/vat-registration-threshold.html
UK Tax Calculator: https://www.employedandselfemployed.co.uk/tax-calculator
UK Tax Rates 2019/20: https://smallbusinesstoolbox.uk/self-employed-tax-rates-2019-20/

Extra Videos:
Running a small business in the UK? Subscribe to my sister channel: https://www.youtube.com/smallbusinesstoolbox
How much do joiners charge? (part 1): https://youtu.be/Dt2Hx5X5nN8
How much do joiners charge? (part 2): https://youtu.be/OQFVg0q9vFw
Working out Hourly Rates: https://youtu.be/RgmKiPtTOvM

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#SelfEmployed #SmallBusiness #UK
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