Hello,
I am totally new in this world of tax. Been filling tax assesment for the last 5 years but it looks like my part time business is growing up and very soon I will have to become VAT REGISTERED due to treshhold. Lets assume I am vat registered. My gross net profit (after vat) 50k. Question is: are these 50k now tax free and can be spend on anything or I have to "pay" wage to myself and pay tax (50k - 11k(personal allowance) = 39k - 20% on first 32k, and 40% on the rest?)). Sorry if my questions sounds stupid but I searched the web everywhere and could not find an answer. Thank you!
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