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Sole trader, earned extra 10k, who should I see for advice?

buel10
Posts: 460 Forumite


Hello all.
I've been lucky enough to earn almost 10k last year as a sole trader in addition to my full time role where I am a basic rate tax payer.
Please can I ask who should I speak to for some advice regarding mitigating the tax that I will have to pay?
I've been lucky enough to earn almost 10k last year as a sole trader in addition to my full time role where I am a basic rate tax payer.
Please can I ask who should I speak to for some advice regarding mitigating the tax that I will have to pay?
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Comments
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Accountant or tax adviser.0
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An accountant, but which year are you talking about? This current financial year 24/25?
If it was 23/24 financial year you may struggle to find one with capacity to help before the end of Jan deadline.2 -
Contributing to a pension is the most straightforward approach. If your employer already has one, that could be the simplest option, but there's also setting up a SIPP."Real knowledge is to know the extent of one's ignorance" - Confucius0
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kinger101 said:Contributing to a pension is the most straightforward approach. If your employer already has one, that could be the simplest option, but there's also setting up a SIPP.0
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And for a lot of people contributing to a pension won't save any tax.
The benefit will be from the pension tax relief added to the pension contribution.
Which is still good and might help the op if the extra income takes them into higher rate territory.
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buel10 said:400ixl said:An accountant, but which year are you talking about? This current financial year 24/25?
If it was 23/24 financial year you may struggle to find one with capacity to help before the end of Jan deadline.So, any income up to 5th April 2024 will be be in the 23/24 tax year and needs to be declared and any tax paid by the end of this month. Self assessment is very straight forward (provided you have kept good records of your income and expenses!) and the online system calculates the tax to be paid. There is lots of info on HMRC's site, here's a starting pointIt may well be useful to talk to an accountant, but as has been said, they are very busy at this time of year, so your priority should be getting your 23/24 return done. Then you can discuss dealing with the 24/25 tax year income at your leisure.
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It’s not difficult to do it yourself, easiest way is with accounting software, hopefully you keep your self employed money separate from the rest.
Do you have a non taxpaying spouse to employ as admin? That’s the best way to reduce tax after other expenses.
Keep under the limit and you don’t have to register as an ‘employer’, you do however have to pay them into their own bank account.The other way would be to put more into your work pension, which would reduce your taxable income.0 -
an accounting firm that has experience with both personal and business taxes0
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