I recently opened my own business (a limited company) whilst working in full-time employment.
However, since I earn £65K (from my full-time job) any additional income I make via my new business will get taxed at the higher tax rate (40%). My SO is also partnered in the business (on a salary of £70K).
Are there any legal approaches to save on the amount of tax I pay on the business earnings? Business earnings for this tax year will not exceed £50K (if that information helps).
So far I've found out I save £10K tax free (£5K per business partner - my SO is also partnered in the business, which is paid into our ISAs).
Any other tax savings / advice would be most appreciated.
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