Hi Guys,
Here is my background:
I have a parttime hobby which makes me in the region of 450 - 800euro a month. I expect this amount will grow over the year. Unfortunately I've found out that this will be subject to 40% income tax
My question is as follows:
Is it worth setting up a limited company for my hobby to limit the amount of tax I pay? From my (limited)understanding I would be paying 20% tax as opposed to 40%. Apart from the initial setup cost and corporation tax, is there anything else I would have to pay?
Thanks in advance
Here is my background:
I have a parttime hobby which makes me in the region of 450 - 800euro a month. I expect this amount will grow over the year. Unfortunately I've found out that this will be subject to 40% income tax
My question is as follows:
Is it worth setting up a limited company for my hobby to limit the amount of tax I pay? From my (limited)understanding I would be paying 20% tax as opposed to 40%. Apart from the initial setup cost and corporation tax, is there anything else I would have to pay?
Thanks in advance