How to pay less tax on £42,000 Income

[mohow]

Hi,

I'm a sole trader and have earned a little over £42,000, I have deducted my expenses and used the online listentotaxman.com calculator and my bill for tax+ni is £10,877.64

Has anyone got any tips or advice to lower my bill without using an accountant?

cheers,

[mullet]

Go back in time and be less successful in your business?

[Boyd]

Try using a Limited company.

[RAL]

You can save tax by trading via limited company. But you commented in of your post that you also trade via limited company with a friend. so depending on shared holding, you may have to disclose this limited company to the accountant or who ever prepares the accounts.

[mullet]

I'm a sole trader and have earned a little over £42,000, I have deducted my expenses and used the online listentotaxman.com calculator and my bill for tax+ni is £10,877.64. Has anyone got any tips or advice to lower my bill without using an accountant?

I read this as relating to the current liability rather than how to reduce the tax bill in the future. As in he has to pay £10,877 and would rather pay less. Is it just me? OP - what did you mean?

[RAL]

Mullet, you are absolutely correct. OP is asking about how to reduce the liability. I commented following the previous comment and just wanted to bring to the attention of other commentator that the OP mentioned in the past that he bas a limited company with a friend.

[section 44]

Donate money to charity.

[Generix]

Hi,

I'm a sole trader and have earned a little over £42,000, I have deducted my expenses and used the online listentotaxman.com calculator and my bill for tax+ni is £10,877.64

Has anyone got any tips or advice to lower my bill without using an accountant?

cheers,

Request to be paid cash - don't declare it as income to the taxman.........

....in my defence OP didn't ask for tips to 'legally' lower his bill....

[section 44]

Techncially that wouldn't lower his tax bill, legal or not.