Hi,
I have a quick question regarding tax on some self employed income that I earn on top of my normal full time employed role.
As I am in the higher tax bracket any additional income declared as self employed will be taxed at 40% plus NI contributions. Would this be more efficient if I formed a limited company despite not being able to use the tax free personal allowance as this is used by my full time employment?
Also, would it be possible to name my wife as a shareholder and essentially pay her the profits? I would presume that as the work is with the company it doesn't matter who does the work and that way we would be able to take advantage of her tax free personal allowance?
Any guidance would be much appreciated.
Thanks.
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