PAYE and self-employment

[shketo]

Cannot get a straight answer on this and have turned to the wise clan that is GOT. Can you write off tax losses in self employment against tax paid under PAYE?

Scenario: Want to start a business that will not make money for two to three years. Need to keep working under PAYE to survive. Won't be borrowing a dime but could do with a tax break to "float" this thing.

Any help much appreciated.

 

[little curly alan ball]

Cannot get a straight answer on this and have turned to the wise clan that is GOT. Can you write off tax losses in self employment against tax paid under PAYE?

Scenario: Want to start a business that will not make money for two to three years. Need to keep working under PAYE to survive. Won't be borrowing a dime but could do with a tax break to "float" this thing.

Any help much appreciated.

Lad , there ARE defo avenues to be exlpored . Been outta the game for a while , but AM SURE that various " Initiatives " for JUST your scenario were established .

It's a ploy to cut the Jobless Fig's , so , yes , I'd say , first stop ,( NOT , L. ) C.A.B. / any clued up mates / mates of mates / an Accountant .

Good luck .

 

[Deleted member 28206]

Cannot get a straight answer on this and have turned to the wise clan that is GOT. Can you write off tax losses in self employment against tax paid under PAYE?

Scenario: Want to start a business that will not make money for two to three years. Need to keep working under PAYE to survive. Won't be borrowing a dime but could do with a tax break to "float" this thing.

Any help much appreciated.

Moneeysavingexpert.com are boss at this sort of thing.

 

[Reidy's Bottle Of Grecian]

if you go self employed then you will have to file a tax return (you have to register as s.e. though with hmrc) as far as i know you can be paye as well (cos if you sub-con in construction etc then they deduct tax) when your accountant files your tax return he will ask if you have other earnings and have paid any tax.

best bet is if you have an accountant in mind that you will use, then give him a bell and i'm sure he will tell you the score, as he will see you as a potential customer who will be givin' him 300 quid for filing a tax return (or more if vat reg etc)

 

[little curly alan ball]

if you go self employed then you will have to file a tax return (you have to register as s.e. though with hmrc) as far as i know you can be paye as well (cos if you sub-con in construction etc then they deduct tax) when your accountant files your tax return he will ask if you have other earnings and have paid any tax.

best bet is if you have an accountant in mind that you will use, then give him a bell and i'm sure he will tell you the score, as he will see you as a potential customer who will be givin' him 300 quid for filing a tax return (or more if vat reg etc)

Yes , that , but THERE ARE SPECIFIC initiatives for early doors , sans liquidity , businesses .

Tellin' Ya' . A few years ago , I'd have been able to tell you which fukn sub - section .

Ho - Hum . THEY EXIST .

As I said , good luck .

 

[Reidy's Bottle Of Grecian]

he's lookin at settin' up while workin though, so he's lookin at makin a loss to build the business but wants to offset iot against paye tax that he's paying at the same time. at the end of the day, tyax is tax and it's all to do with 'total earnings.' with the new gov. if you start one that tramples on folk then i'm sure you'll be o.k.

b.t.w.
some on the forum reckon that small businesses make 140k per year so there's nothin to worry about really.

 

[little curly alan ball]

he's lookin at settin' up while workin though, so he's lookin at makin a loss to build the business but wants to offset iot against paye tax that he's paying at the same time. at the end of the day, tyax is tax and it's all to do with 'total earnings.' with the new gov. if you start one that tramples on folk then i'm sure you'll be o.k.

b.t.w.
some on the forum reckon that small businesses make 140k per year so there's nothin to worry about really.

Yeah , man . Received an' understood , kid .

So , you need a giood C.A.B'er - re the INCOME possibilities - possible start up initiatives ; THEN , an Acountant to navigate the Paye thing .

I assume it is possible . FFS , it's a Tory Government .

You could put children into an incinerator on Breckfield Rd , as long as you were tryna start a business to do it !!!

 

[a2b chris]

Yes.

you offset the money you earn as an employee against the loss you make as self employed. Both of these amounts are entered on your tax return

If you do make a loss self employed, you should then get a tax rebate.

As per lcab advice, depending on where you live, you may be entitled to start up grants etc

pm me if you need any advice

 

[shketo]

Thanks all.