Sorry if I am posting in the wrong forum…
I am currently a PAYE worker in full time employment and pay tax on the higher threshold.
My problem is this; I have an opportunity for some freelance work for a client in New York. Potentially this could we worth a good few thousand dollars. But I assume I will have to pay over 50% of whatever I earn from this in tax.
Obviously I wish to limit my tax liability as much as possible but I am not sure how to do this (assuming I can at all).
I was thinking of setting up a limited company as I may have to potential for additional work in the future and at least I could then offset equipment purchases against tax.
I don’t know if this would be the correct approach and I reckon at some point I will have to bite the tax bullet.
Any advice would be most welcome
I am currently a PAYE worker in full time employment and pay tax on the higher threshold.
My problem is this; I have an opportunity for some freelance work for a client in New York. Potentially this could we worth a good few thousand dollars. But I assume I will have to pay over 50% of whatever I earn from this in tax.
Obviously I wish to limit my tax liability as much as possible but I am not sure how to do this (assuming I can at all).
I was thinking of setting up a limited company as I may have to potential for additional work in the future and at least I could then offset equipment purchases against tax.
I don’t know if this would be the correct approach and I reckon at some point I will have to bite the tax bullet.
Any advice would be most welcome