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being creative..........

katykitten · 2012-01-27 13:51:32

i run a very small organisation in the uk and recently was well paid for some work i did in the middle east, my question is what is the best way to pay as little tax as possible on this money and do i have to declare it! i have been paid into a US$ account, have a mortgage and am a single parent, with a couple of private…

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chrismac1 Posts: 2,585 Forumite

30 January 2012 at 6:28AM

OK. Too late for this year, but for next year if the same income source arises and you run it through a limited company, then have a pension contribution from the limited company to reduce the taxable profits to zero, you have a tax bill of zero.

There is a bit more to it than that, but in terms of achieving your desired objective this is one method. Too late for this year as the limited company was not in existence.

Hideous Muddles from Right Charlies
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being creative..........

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