Genuine financial advice…..30 Aug 2023 20:28
Hi everyone, looking for some financial advice and if anyone’s been through something similar. So much online my brains are baffled so here I am.
I currently earn £37,000 on PAYE.
Back in September I set up self employed (sold trader) and did ok up April 5th. Have around £700 tax bill to pay.
Since the new F.Y so far I’ve already grossed approximately 25k which will equate to around 19k net. Forecast for this F.Y could be around 40k gross.
My better half earns above the tax threshold.
What can I do to lower my tax, as I will now be entering into the 40% bracket. Can this be offset in other ways.
I’m PAYE and this is extra money so it doesn’t make a difference if my self employed doesn’t earn anything.
Thanks in advance for any advice. I would never normally post figures but I felt the figures were important.