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Tax efficient second earnings.
techdojo
Posts: 10 Forumite
Hi there,
I'm after a bit of advice from any tax / money savings experts, firstly let me describe my situation.
I currently work full time and pay tax PAYE (I'm in the 40% bracket if that makes a difference), as a way of earning extra funds I'm considering taking on a second job as a software developer / consultant which I intend to treat as a second employment.
The thing is that I'm not relying on any of the cash from the second employment and I'd actually like to try and lock away any / all profits / cash generated as a kind of long term savings (bit of a retirement nest egg that kind of thing).
My wife and I have long talked about the idea of "buy to let" holiday accommodation and I was wondering would it be possible for one business (the software development / consultancy side) to be used to "bank roll" a different business (or even a different "department" of the same business) i.e. generating the funds required for a mortgage deposit for the purchase of a holiday let.
The idea would then be to reinvest profits in to building up a property portfolio which would eventually return an income several years in the future (or if any of the properties were ever disposed of).
Is this possible? Is this legal
any advice greatly appreciated.
I'm after a bit of advice from any tax / money savings experts, firstly let me describe my situation.
I currently work full time and pay tax PAYE (I'm in the 40% bracket if that makes a difference), as a way of earning extra funds I'm considering taking on a second job as a software developer / consultant which I intend to treat as a second employment.
The thing is that I'm not relying on any of the cash from the second employment and I'd actually like to try and lock away any / all profits / cash generated as a kind of long term savings (bit of a retirement nest egg that kind of thing).
My wife and I have long talked about the idea of "buy to let" holiday accommodation and I was wondering would it be possible for one business (the software development / consultancy side) to be used to "bank roll" a different business (or even a different "department" of the same business) i.e. generating the funds required for a mortgage deposit for the purchase of a holiday let.
The idea would then be to reinvest profits in to building up a property portfolio which would eventually return an income several years in the future (or if any of the properties were ever disposed of).
Is this possible? Is this legal
any advice greatly appreciated. 0
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