Tax on my first job if i additionally start a business

Allymacg

LittleVoice wrote: »

What do you mean by the business being registered.

If it is a limited company, then it is the company which is registered at Companies House.

If you mean about registering as self-employed, then if your husband could allow you to take all the profit and your personal tax allowance could be set against it.

Do you have savings earning taxed or untaxed interest?

Is your husband a higher rate tax payer?

we have not set anything up yet

yes i do mean as registered as self employed.
no i do not have savings
and no he is definately not a higher rate tax payer - hence looking to earn additional income.

Thanks for info

Auntie-Dolly

LittleVoice wrote: »

Standard? Far from it.

As others have suggested, it is normal for the personal tax allowance to be set against the PAYE income and tax on the self-employed profit to be dealt with by means of an annual self-assessment process.

Thats never been the case for me - I wonder why that would be.

CLAPTON

Auntie-Dolly wrote: »

Thats never been the case for me - I wonder why that would be.

maybe start another thread and explain your specific circumstances which do seem somewhat un-usual although the overall result may well be correct

chrismac1

To the OP, if you have a justifiable role in the business then he could pay you a salary. It needs to be in line with whatever it is you are doing - a £30k salary for filing paperclips is not going to be OK.

agrinnall

nomunnofun wrote: »

At the risk of being pedantic, a BR code taxes all of the income at just that, the basic rate of 20%, regardless of the income being 10000 or 100000. A code of 0T, however, will apply basic rate tax, then 40%, then 50% as the income determines. But I am sure that you know that.

Sorry, dazed and confused, beat me to it!

Actually I didn't know, so thanks to you and D&C for the explanations, I'll try to store it away for future reference.