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.
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