FabSwingers.com forum: anyone know anything about the br tax code

By (user no longer on site) OP
over a year ago

Run my own business and have started a new job to bring in extra money. Got pay check and put on br.

Anyone know how to change the code so don't pay load of tax

By *ce WingerMan
over a year ago

P.O. Box DE1 0NQ

You pay basic rate, then if you can show that you're making a loss, or next to no profit in your first year, then you'll get a refund.

By (user no longer on site)
over a year ago

BR is basic rate. If you already run a business, is it as a sole trader or is it a limited company ? If as a sole trader, then you have to decide which way HMRC taxes you, in other words, on your business or on your new job. Either way, your personal allowance will only go to one of them. If you are a Limited company, then you need to "bill" your new job with an invoice including VAT, that way no tax at all will be deducted.

Either way, you will still pay tax on your earnings.....................unless you are Russian and worth Billions.....................are ya ?