|
|
| *Loan,banking and credit>>>business tax |
If i am currently working full time and decide to register a business name, what are the tax implications? |
I am currently working full time and aim to start a business eventually. I want to register the name now so no one can take it.... Will owning a private company though employed full time by another have any effect on my current tax payments? No. You pay tax on earnings. If your company starts trading and making a profit, you will need to reigster yourself with the taxman and pay tax no any profits you make. It's a good idea to get a bookkeeper/ accountant as they will help you. You then just pay the tax normally through your job on PAYE, and then you will pay extra tax by Jan 31st for the company profits. None whatsoever until you start earning, then you will need an accountant, let them sort it all out for you. The only way to register a company name is to set up a limited company. You will be a director of that company and as such will be liable to tax under PAYE (the same as in your full time job) on any drawings from the company. Any drawings would be taxed at 22% or 40% depending on your earnings at your main job. You would need to set up a PAYE scheme with HMRC and you would be making nil returns until you took money from the company. Therefore, having a company involves a lot of burocracy, but if you can deal with it, then do it. Ex Inspector of Taxes No it won't affect your current tax status until you start paying yourself from the limited company (under PAYE). |
| Tags |
| tax table tax tips tax year income tax business tax car tax child tax cigarette tax corporate tax estate tax |
SiteMap--Copyright/IP Policy--Contact Webmaster--Resource of HR For personal non-commercial use only. |