When is it the right time to open a limited company? How should you budget when you're self-employed? And how do you stay as tax-efficient as possible? You sent us your biggest questions about self-employment, so we brought in financial planner and trained accountant Tom Ashworth, who’s also helping T set up his own Ltd company, to answer them.
Book a free chat with Tom: https://makingmoney.email/chat-with-tom
🎉Sponsors
MoneyWeek Magazine - Try it for free: https://moneyweek.com/money
TaxZap - Do your tax return / self-assessment: https://makingmoney.email/taxzap
Vanta - Get your company secure and compliant: https://vanta.com/makingmoney
Odoo - Apps to run your business: https://www.odoo.com/r/MM1
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If you purchase a product or service using one of the links above, we may receive a commission. There will be no additional charge for you. Remember investments can fall and rise - and past performance is no guarantee of future results. Other fees may apply. Your money is at risk.
This is not financial advice. The reason it’s not financial advice is because it’s not tailored to you. We explain the principles of building wealth but if you want personalised advice, it’s worth speaking to a financial advisor. As with everything financial, please do your own research. We really encourage that because no one cares more about your money than you and if you learn the basics then it will change your life.
Chapters:
00:00 – Sole Trader vs Ltd Company
06:21 – Making Tax Digital
09:42 – Setting Up a Ltd Company
13:44 – TaxZap ad
14:58 – Budgeting
23:03 – T-Unlimited Ltd?
25:32 – Investing
28:24 – Expenses
33:47 – Pay Less Tax
36:09 – Vanta Ad
37:19 – Family Member as Shareholder
42:05 – Stocks & Shares ISA or SIPP?
55:01 – Feeling Worried?
38:08 – How 8.75% Tax Works on £100k Income
43:20 – Stocks & Shares ISA or SIPP?
54:03– Feeling Worried?
