I am employed on a part-time basis and earn gross £12,285/year
I have also set up a limited business on the side where I can afford to pay myself £6800 gross/annum after expenses.
How do I go about paying tax on this? I'm assuming I just pay 20% on anything I earn after £12500 in addition to my employed role? I.e. the first £215 of self employment is free and then 20% on the remaining £6585?
I already pay NI through my employed job.