I have a full time job earning 40K pounds p.a. and pay tax via PAYE. I now have a freelance job which will earn me 10K pounds. I would like to ask whether I should pay tax on my freelance earning as a sole trader or a company Ltd. Thanks.
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Is £10k your turnover or profit? If you are just performing a service, for example consultancy work with very few expenses I would say that just completing a tax return to declare the additional income would be less hassle. If the £10k is simply profit, with a higher turnover, depending on the risks you might be taking you may wish to incorporate your business. Limited companies must prepare accounts annually and submit these to companies house and HMRC. Seek professional advice. Sometimes companies are more hassle than they are worth
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