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High tax band
JonnyThunder
Posts: 234 Forumite
in Cutting tax
Hello!
I have a current software business venture which has a high probability of really taking off. Because of the nature of the business, I have absolutely no overheads other than development time. There is a reasonable chance this venture could easily go into the £500k - £1m bracked (on the first product alone). My question therefore, is...
How can I pay the least amount of tax on the product I will be selling? I'm willing to move country if that's what it takes - but would like to examine my options first. Any guidance would be gratefully accepted.
EDIT: Just to clarify - i'm looking for a LEGAL process, or an alternative country to live where taxes are more reasonable!
I have a current software business venture which has a high probability of really taking off. Because of the nature of the business, I have absolutely no overheads other than development time. There is a reasonable chance this venture could easily go into the £500k - £1m bracked (on the first product alone). My question therefore, is...
How can I pay the least amount of tax on the product I will be selling? I'm willing to move country if that's what it takes - but would like to examine my options first. Any guidance would be gratefully accepted.
EDIT: Just to clarify - i'm looking for a LEGAL process, or an alternative country to live where taxes are more reasonable!
Throwing acid is bad.... in some peoples eyes...
0
Comments
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Ack never mind. I'll find an accountant / financial advisor.Throwing acid is bad.... in some peoples eyes...0
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Sounds like you will be able to afford an accountant! A limited company will probably be what he suggests. Income you earn which would be taxed at 40% can be invested in a pension plan and you get the tax back: so earn £100 which would be reduced to £60 by income tax, but invest the £60 in a pension and the tax man gives you £40 back. Magic. Though if you are earning £1M a year you'll soon hit the lifetime limit. Accountant will advise.
Alternatively, enjoy Switzerland.0
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