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PAYE employee and sole trader

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mckeever | 20:27 Wed 24th Jan 2007 | Business & Finance
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Hello, been making some money buying and selling as a sideline to my job. Because of this i decided to start up as a sole trader, but really know nothing about tax and vat. My question here is if i go over the �37k mark (combined wages and profits from company), do i pay 40 % tax on any amount above this or do i then end up paying 40% on the whole 37k.

Thanks in advance
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Avatar Image Oneeyedvic
40% on over �37k
22:13 Wed 24th Jan 2007
Avatar Image issie
The Inland Revenue's website has lots of helpful information which it might be worthwhile reading.
17:19 Thu 25th Jan 2007

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