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Where Taxpayers and Advisers Meet

Tax Savings on Additional Business Earnings

imation144
Posts:1
Joined:Mon Oct 24, 2016 2:18 pm
Tax Savings on Additional Business Earnings

Postby imation144 » Mon Oct 24, 2016 2:22 pm

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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