Tax implications for PAYE with side business income | AccountingWEB

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.

My question:
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.

Many thanks

There are 9 comments. Login or register to view them.

I forgot to mention - I will

itsmickdundee |

1,2 & 3

zebaa |

Given that you are a director

Fred Smith |


hally993 |


Euan MacLennan |
Euan MacLennan's picture

earnings/profits & time period

beanz |
beanz's picture

@ Euan

hkfinancials |


neileg |

My first post and I have got