Are you making good money?
Do you have a number of income streams and be fortunate enough to be in a higher tax bracket?
Are you employed as well as self-employed?
If so, you need to plan carefully.
There are three levels of tax in the UK 20%, 40%, and 45 %
There are all sorts of National Insurance levels depending on income, and if you are employed or self-employed.
However, without good tax planning, those who have a ‘ proper ‘ job ( where you get a wage ) and are also self-employed, could be effectively losing either 49% or even ( gasp ) 54% on their self-employed income.
No jokes today – just a health warning.
Are you in danger of paying more than the basic rate of tax?
Do you like HMRC so much that you want to give them all this money?
Contact us to discuss your tax planning for several income streams.