I am a UK resident working at a consulting firm earning 33k salary before tax. I have setup a limited company with a friend in which I am a director with 1/3 share in the company. We will soon be launching our flagship product and hope to be receiving an income from this business, which I expect to be 30k+ for the company as a whole over the first year. But our targets have this figure as be close to 80k+.
What are the accounting and tax implications for someone in my situation? I am aware that I will have to submit a Tax return every quarter for the limited company, that will have to be signed off by an accountant (although we may use a service such as Sage to do this). But, as I'm also employed full time I suspect that I could be taxed more than I should as I will have 2 incomes.
Thank you in advance for any advice or information. I greatly appreciate it.