UK Tax?

[MonkeyCode]

Does anybody know anything regarding Tax in the UK.

Thanks,

[clivewalker]

If you are a freelancer working for your own limited company, I have been told that the first £10K profit by the company is tax free.

As a limited company employee and shareholder, you can pay yourself either salary which incurs the usual tax and NI or pay yourself dividends which incurs less NI. However the tax boys take a dim view if you pay yourself only with dividends.

Although I was not sure about getting an accountant at first, I have one now and they have been very helpful with advice on these issues - so I would also advise getting an accountant as well.

hth

[MonkeyCode]

Thanks,

I am hoping to start out professionally soon. I will take your advice and find an accountant. How much do they cost? And where's the best place to look to find out more about creating your own limited company.

Thanks for the help.

[Matt]

Here is some info about starting a limited company in the UK:

http://www.freshefuture.co.uk/BizTypeLtd.htm

[clivewalker]

I found my accountant when I was talking to the bank. They gave me a list of names.

Costs vary. If you simply want your tax return completed and submitted with the info you provide, it can cost £250 or so. Sounds a lot perhaps but I saved that in the first year - which covered the cost. Plus, I got some advice on what I could claim and that helped

There are companies out there that will act for you to form a limited company - or you can do it yourself see http://www.companieshouse.co.uk

However, your accountant will also do this for you at a price - again it varies - anything from £100 up

[MonkeyCode]

Thanks Matt and clivewalker,

I appreciate the help.