Tax implications for PAYE with side business income
I work for a business FT and am about 5k away from paying the higher 40% tax rate.
I'm shortly to launch a business as a co-director that should earn me around £2-5k by the summer.
1. What tax form(s) will I need to fill in?
2. Shall I take a salary from the company or can I take all profits as a dividend?
3. If my role was instead as company secretary, would my tax status be different?
Any expert help would be greatly appreciated.
- Partnership Tax Return Deadline 13 1
- Can I claim mileage? 93 1
- VAT on imports and the Flat Rate Scheme for VAT 174 9
- client threatening legal action 1,807 28
- Twenty signs your practice is bad at tax 689 8
- Partially exempt? 241 9
- Reclaiming EU VAT on fuel and expenses 93 1
- First VAT Visit for client 240 4
- Dividend in specie 233 7
- Lorry Drivers 143 2
- Redundancy payment added to p45 121 1
- Partnership registered in error. No activities with view to profit. 109 1
- Mexican student in UK 121 2
- PI insurance for Auto Enrolment 201 3
- Accounting Practice acting as an employment agency 304 12
- payroll software 143 1
- No Tax Returns submitted for last 16 years 1,056 25
- Complicated Company car purchase 121 1
- Pricing 336 10
- Late VAT registration penalty 257 5
- Skandia using wrong address 490
- Does anyone use PS Financials accounting software out there? 279
- FHL, period of grace and Entrepreneur's relief 274
- Employee rewards 258
- Legislation access for part-time sole practitioner? 227
- Rental Property W&T And Equipment 218
- Gift of reversion and lease into trust by two different people - later PPR 218
- EPS Analysis - Change to EURO 215
- Etax Australian 172
- Annual Management Charge Rebates and Self Assessment Tax Return 161