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.
- Payment plans for clients 291 4
- How a company director can keep paying £833 93 4
- Community awards 2014 - first category 202 7
- Suggested tips to become a better accountant? 481 14
- Employee steeling client data 141 1
- Do most of you still use MS Office? 1,368 23
- Small bus. accounting software with departments 193 5
- Subsistence Exclusions 136 3
- Insurance Claims - Legal Services 94 1
- CT600 280 9
- VAT Office Grimsby 223 4
- signature required 920 34
- i want to get the reserves below 25K 207 1
- Can you help me spot errors? 345 4
- format cell to exclude decimals 337 17
- WHAT THE HECK IS GOING ON AT HMRC? 173 2
- Form VAT 600 FRS 92 1
- Dividend Waiver and Settlement Legislation 159 2
- Supply of service to EU community body exempt from VAT 106 1
- Lease 154 4
- Auto enrolment excuses 1,309
- Feedback on accounts production software for IFRS 859
- Add T&Cs to Sales Order in Sage 555
- Credit where credit's due....... 343
- Buying goods in US and selling them to company in US 262
- TheTax Donut 236
- Double taxation relief - same income, different individual 195
- Semi retired FCA or equivalent 186
- Director's business mileage 155
- Sole trader CPD 148