My Soa - Any advice welcome

LauraLooDFWB

What do you do for a living????

catlover1_2

LauraLooDFWB wrote: »

What do you do for a living????

Modelling shopping centres, promo work etc....

xx

LauraLooDFWB

Sorry catlover1 i missed the previous thread about your work :rolleyes: Thank you anyway

tyllwyd

I was thinking about you and your tax again - if money is being put aside for tax and NI before you see it, then that is great (and the work you are doing is very well paid!) Have you ever talked to anyone specifically about your tax situation? Because I can't help thinking that if you are paying 40% tax on most of your second income, there might be some scope for rearranging your affairs so that it reduces your tax liablility - maybe by setting up a limited company and being paid through that. I'm not a tax expert, and of course it may be that the accountant is doing everything in the most tax efficient way ... but it has to be worth asking the question, because if there are any tax savings to be made that would be a great way of getting more cash for the same amount of effort.

catlover1_2

tyllwyd wrote: »

I was thinking about you and your tax again - if money is being put aside for tax and NI before you see it, then that is great (and the work you are doing is very well paid!) Have you ever talked to anyone specifically about your tax situation? Because I can't help thinking that if you are paying 40% tax on most of your second income, there might be some scope for rearranging your affairs so that it reduces your tax liablility - maybe by setting up a limited company and being paid through that. I'm not a tax expert, and of course it may be that the accountant is doing everything in the most tax efficient way ... but it has to be worth asking the question, because if there are any tax savings to be made that would be a great way of getting more cash for the same amount of effort.

Thanks .. I didn't think of that ... I have a friend who is an accountant who might know ...I will ask her.