new part-time business

[secondgo]

I will be setting up my own buiness in a few months time. I will be working 1 day a week in the new business and continuing 4 days a week in my current job (until I build up my client base).

I am currently a PAYE worker and all taxes and payment are dealt with by my employer.
With my new business I will have office rental and equipment expenses etc.
I have no idea where to start with regard finances as I have never been in business before.
Currently I Will I be paying tax at the highr rate. Would I continue paying tax at the higher rate on my extra income that I earn from the new business. Or should I be doing somthing else to offset expenses for my rent etc so that I can reclaim tax on this.
Sorry I am so clueless with regards all of this I just need a pointer to somewhere to get me looking into the best option.

 

[askU]

Currently I Will I be paying tax at the higher rate. Would I continue paying tax at the higher rate on my extra income that I earn from the new business. Or should I be doing something else to offset expenses for my rent etc so that I can reclaim tax on this.

The new business will have to be dealt with separately as with to tax. Claim as much as possible to avoid tax on the new business and if you can wait till the next financial year to claim the rest (that’s if you can wait) alternately get a loan and spread out the cost (for office equipment etc)

 

[secondgo]

The new business will have to be dealt with separately as with to tax. Claim as much as possible to avoid tax on the new business and if you can wait till the next financial year to claim the rest (that’s if you can wait) alternately get a loan and spread out the cost (for office equipment etc)

#I assume I would have to claim in the year I bought the equipment (as it would be reciepts for this year).

Also would anyone know is there any links to setting up a seperate business and would it be as a soletrader?