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Do you have any other questions on this subject of tax for your Side Hustle? Drop it below 😀
ОтветитьDoes that £1000 before becoming a sole trader still count if it is a second job? I think i understood it as yes but i just want to confirm before i start a side hussle. (Im paranoid about getting this wrong)
ОтветитьSúper helpful guys
Ответить💎💎💎💎💎💎
ОтветитьCurrently, I am an employee and rent out a property. Rental income takes me to a higher rate tax bracket. I also own a limited company company. To reduce the tax, can I take the rent into my limited company account and then take that money out as a dividend?
ОтветитьHi! I earn £33.5k per year salary on my main employment, I also earn £3.5k from a part time employment. Both are PAYE and tax and NI is sorted by the employers. However, my friend and I also have a little side hustle, buying and selling things. It turns over approx £100k per year, but only £36k of this is profit. We don't have a joint bank account, we just use the one account and give ourselves a wage monthly. Therefore, I personally make around £18k per year with my side hustle for my equal 50% cut. What would be the best route for myself / us as my friend wants to continue being self employed each, but does that not make the books difficult that way? Thanks in advance!
ОтветитьGreat video you guys explained it so easy thank you , subscribed 😊
ОтветитьFantastic video, finally gives some clarity on how it works with 2 incomes and the untaxed allowance. Thank you!
ОтветитьI really loved the video, you really did explain it in such a detail!
It seems for me like such a big ocean, I have started earning some money from a side hustle, but for now I think being a sole trader would be a simpler option :)
Hi Ken, thanks for all your insights, I have a quick question. If one starts as a one person Ltd. company and wants to bring in his/her spouse, is it better bringing the spouse in as an employee or a director, which is more tax effective especially if the person wants to maximize dividend taking.
ОтветитьThank you. I recently became a freelance designer after working for various agencies for 15 years. Considering the best route to go down - very informative
ОтветитьHey guys, great video. Question on Ltd company salary. You mention that if Chidi took a salary he would have to register for self assessment but if he used someone to do payroll for him and provide payslips etc…would that not just be another PAYE situation?
Ответитьcan i have a job and a LTD company????
ОтветитьThank you so much for this very helpful video. Please I have a question. My side hustle has made over £1000 income so far this year which means I’ll have to register for self-assessment, right? Will I have to pay tax now or wait until I have up to £12500 of income? Do I only pay tax if I make at £12,500 income every year?
ОтветитьThanks for the video - very enlightening. Question please - For Chidi, will he still not have to pay tax on the £8,840 salary, considering that his personal allowance would have been used up by his PAYE (ie from his job as a doctor)?
Would that not then lead to a situation where any company profit is better withdrawn entirely via dividend?
Hello guys, hope all is well. In order to set up a business bank account do I already need to be registered on companies house as a limited company?
ОтветитьGood stuff, just wanted to point out the Class 4 threshold has also gone up this year to 9881 from 9568
ОтветитьWow this is incredibly helpful information. Thank so much its clear this took a lot of effort to make!
ОтветитьAmazing video, thank you! It was very informative. Would you be able to cover Crypto trading as a side hustle and UK tax please?
ОтветитьMy phone is full of THP screenshots. You're such a good teacher and this channel is gold! ✨
ОтветитьKen/Mary, thanks for sharing your wisdom as always. I'm a bit torn. I'm keen to start my copywriting business and have a company name in mind. However I also have a full time job earning around 30k. As I don’t have any clients yet should I start as a Ltd, a Sole Trader or not register on Companies House?
I'm not sure how hard it is to incorporate a ST into a Ltd at a later date... wondering if you had any suggestions please?
Thank you in advance and keep up the great content!🙌