alinottingham

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d000hg replied

3 December 2008, 07:28
Good advice. You will almost certainly need an accountant unless you are interested in learning all the tax laws and spending time managing you accounts rather than making money,
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pmeswani replied

3 December 2008, 06:51
Originally posted by alinottingham View Post

I am new to this forum and would like some advice from all users....I have a few questions so please guide me...

I m about to set up a ltd company and I am working for another employer aswell.
I intend to pay myself minimum wages from my company, can any one tell me how much tax I will be paying for both my earnings i.e. if my total monthly salary comes to something like 3000/months before tax.
On the assesment form do I have to mention both salaries?

Also do I have to inform my current employer of my salary from my own company? as that would be my primary job...while my company job as secondary job??
Thanks

To be honest, you are better off speaking to an Accountant who can best advise you. I believe you will need to declare both incomes on self assessments. Because you are earning a salary from 2 places, it doesn't matter if you pay yourself a minimum wage, as it will be taxable, unless you are working for free with your currently employer.

Regarding informing your employer... the only thing I can say is check your contract. In some instances, some employers are fine with employees setting up their own businesses, as long as it does not directly or indirectly compete with theirs.
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alinottingham started a topic alinottingham

2 December 2008, 21:48
alinottingham

I am new to this forum and would like some advice from all users....I have a few questions so please guide me...

I m about to set up a ltd company and I am working for another employer aswell.
I intend to pay myself minimum wages from my company, can any one tell me how much tax I will be paying for both my earnings i.e. if my total monthly salary comes to something like 3000/months before tax.
On the assesment form do I have to mention both salaries?

Also do I have to inform my current employer of my salary from my own company? as that would be my primary job...while my company job as secondary job??
Thanks
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