DesignersTalk - View Single Post

datahound · 03-11-2005, 07:59

This is a huge subject.

Yes you are right 40% only for earning over 35k I believe. So for instance if you are earning 25k at work you can freelance 10k at 25% and all else at 40%.

But you can put petrol for car, going to meetings etc., percentage of cost of PC, broadband costs, telephone bills, wear and tear to home, electric, etc etc as expenses against tax.

Benefits of going Ltd? 10,000 used to apply but I think it changed. If taken out of the business tax must be paid, if left in the business, not.

A limited company involves a lot more rules, regulations, paperwork and legal implications if failure to comply.

Limited company gives you status, makes you look established.

03-11-2005, 07:59	#13 (permalink)
datahound Spare Parts Join Date: Jan 2005 Location: Bracknell Forest Posts: 4,938	This is a huge subject. Yes you are right 40% only for earning over 35k I believe. So for instance if you are earning 25k at work you can freelance 10k at 25% and all else at 40%. But you can put petrol for car, going to meetings etc., percentage of cost of PC, broadband costs, telephone bills, wear and tear to home, electric, etc etc as expenses against tax. Benefits of going Ltd? 10,000 used to apply but I think it changed. If taken out of the business tax must be paid, if left in the business, not. A limited company involves a lot more rules, regulations, paperwork and legal implications if failure to comply. Limited company gives you status, makes you look established.