Wed, 27/10/2010 - 11:25 — arrannknott
Hi all, This is my first post on this website, and I'm really after some advice - hopefully that's what I'll get!
My position is this. I'm currently employed, fulltime, earning approx £33,000. However I have been taking on a lot of freelance work, and after speaking to an accountant, they advised me that it would be a good idea to setup a Limited Company. Which I have. Now over the past 6 months, I think I've probably earn't about an extra £15,000 - which I have been spending as I've earned it (Which I've since realised is the wrong way of doing things!) - most of it on the business (sub-contractors etc). What I need to know is how do I go about working my tax out? I'm totally new to this so really don't know what I'm doing! I'm obviously already paying tax on my full time salary, but I'm not sure how my Limited Company earnings are affected by that. What can I "lose" tax wise on my company? Software? Travel etc?
Any help would be very much appreciated!