I am developing an sophisticated automated betting application. Initial tests show that it is likely to operate well and at a profit. I am in full-time employment and pay full tax on my earnings. This project has been developed in my spare time.
I have not yet set up a business to front the betting strategy/application. So, as an individual, how can store any revenue from my software so that it is tax exempt, or at best, what is the best way I can minimize the amount of tax I pay on such revenue? Where and how should I store my funds (assets, stocks, et al)?
I live and reside in the United Kingdom. The work I am doing is unrelated to my full-time employment and I have permission from my employer to work on my own projects.