Starting a business while employed

andyscott

Can anyone tell me if in full time employment earning 15k per year and then I start a ltd company which just breaks even. Would this effect the rate of tax that I pay on my full time job.

I am asking because I am looking to help out a family member by setting up a company that they will work for and all profit they will get paid as a wage so I wont be making any money from it.

Takeaway_Addict

Why would they not just set up a business themself? Sounds like it could get missy

LittleVoice

andyscott wrote: »

Can anyone tell me if in full time employment earning 15k per year and then I start a ltd company which just breaks even. Would this effect the rate of tax that I pay on my full time job.

I am asking because I am looking to help out a family member by setting up a company that they will work for and all profit they will get paid as a wage so I wont be making any money from it.

If you don't receive an income from it, you can't be taxed on non-existent earnings.

The company is the "person" who would pay tax on its profits, not you as someone who "set it up".

Is this other person very young or an undischarged bankrupt? If not, what is the reason for them wanting to get you to provide them with an employing organisation?