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I want to earn some additional income and can. How do I pay tax on that additional income?

I work for a company and I'm in the 40% tax bracket. I want to earn some additional incom and can. How do I pay tax on that income? Is the only way to setup a business of some sort?
 
Asked by Junior Murrell, June 2009   -  Contact this person

2 Answers

  1. setting up a business would be a waste, simply pay through self assessment or if you have someone (house wife) who is not in employment use their free pay allowance and 20% tax bracket.
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    Answered by Mike Chand, July 2009   -  Contact this person

  2. Mike,


    There's a reasonable overview of this topic at Understanding Tax and National Insurance. I hope this helps. If you find some useful links, then do add them to this page by Commenting on the article.


    Arthur.

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    Answered by Arthur Meadows, February 2010   -  Contact this person

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