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.
- What are my legal responsibilities 173 9
- No more tax returns... 1,493 13
- How much state pension will client lose out if drops salary 394 6
- Signed accounts for bank 213 7
- Companies House paper incorporation - date of birth omission 462 10
- Landing clients 367 15
- Are any of you members of The Institute of Financial Accountants - Accountnats certificate 1,131 22
- Termination Payment 154 5
- dividend date - whose income is it? 171 3
- CRM / marketing 94 2
- Allocation of income from property 745 26
- Stand alone practice management software 1,860 28
- Rental business through company without owning the property? 310 3
- Opening a Quick books file 99 1
- 64-8 problems 507 8
- Guaranteed rents - which is the turnover? 341 10
- Payment on account reminders 230 3
- Intercompany Payroll Journals 99 3
- Hello 513 4
- AIA/Capital Allowances 490 14