Hi
This is a simplified version of my situation but I am hoping you can help.
In this current tax year I have been employed full time and have had other projects which have generated self-employed income. My earnings from employment are £50,000 before tax, my earnings from self-employment activities are £100,000 (net profit). If I buy an online business that is generating an income for £100,000 this tax year (lets say for example it is an e-commerce site that sells ebooks and makes £3,000 per month profit.), does that mean I no longer need to pay income tax on the £100,000? Do i have to pay some other kind of tax, and if so, what would the rate likely be?
Thanks for any help in advance.
Rob
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