Hi all,
I've got a quick question or two about IT consultancy and tax.... I'm currently working full-time, but have been asked by another company to provide some consultancy services (well, software maintenance) on a freelance basis. The freelance work is completely unrelated to my full-time job, so I'm responsible for the tax side of things. Can anyone tell me the tax rate I'll have to pay? Also, I know it's generally more tax-efficient to set up my own company to deal with this side of things, but I'm not sure how regular the work has to be to make it worthwhile. I *suspect* this will pay a few K a year (say, 5K) with 3 or 4 assignments a year. Any idea what I should do? Should I look at starting a company? And how much does it cost to set up and maintain a company for this sort of freelance work?
Thanks!
Kenny