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Hello, I'm a self employed photographer doing business as a sole trader and not VAT registered. So I have a total turnover figure, a number of overheads ranging from office to commission to travel expenses, and a net profit for the year. I then get taxed and pay national insurance on this last figure.
Could you please advise which figure I use to work out child maintenance? By this I mean how to calculate the weekly gross income I have. Thanks in advance.
Hi, I'm afraid I don't know too much about that but if you look at page 33 of this document it might answer your question. I'm sure other members will know more 🙂
http://www.cmoptions.org/en/pdfs/refresh/talking-about-money.pdf
Thanks for the reply but that page is unfortunately inconclusive. I'm hoping there's a formula out there we can go by. If there isn't there should be as there are more than 4.5 million self employed people in the UK...
Have you tried calling the CMS? They were really helpful when I called them for general advice. Hopefully someone on here may have more specific info....
Hi Shutterbug
Thank you for your post. You may wish to take a look at the following link on page 7. It has information on how the Child Maintenance Service calculates gross weekly income, to work out a figure to calculate maintenance payments. https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/325219/how-we-work-out-child-maintenance.pdf.
For more information on the different ways to set up child maintenance, you can visit the Child Maintenance Options website at http://www.cmoptions.org. They also have a sorting out separation web-app that you may find useful. It offers help and support to separating and separated families. The link is: www.dad.info/divorce-and-separation/sorting-out-separation.
Regards
William
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