Having closed a couple of good deals in the past month, I project my pre-tax income for this tax year to be around £50K, which is significantly higher than my last year's one – and also above certain tax limits.
The question: What is the most effective way for minimizing tax liabilities on this?
- I'm currently registered as self-employed with HMRC, but I'm open to revisiting this decision.
- Money has to be logically on my name, so I can shovel it into ISAs -parking it in a company is out.
- Yes, I have talked to accountants, they seem to be reluctant to getting into the calculation details.
- Looking for more, than general advice: need at least a napkin calculation on how much money will remain post-tax using the specified method.
- Looking for totals, with all government-costs considered. e.g. being self-employed means both income tax, and class4 NI.
Thanks in advance.