WWYD - New Side Hustle Grossing 10k P/M
Hi Guys,
Looking for some advice on what you would do in my situation.
I've had a side hustle for about 6 months now, and its been generating 10-12k gross profit per month, and its all moved very fast. Im VAT registered, and self employed, and i'm already looking at paying awful amounts of tax, aswell as the margin scheme tax.
I have a regular 9-5 job where I earn 37.5k, and make 10% pension contributions to a salary sacrafice scheme, which is the only SS scheme available where I work.
Currently at 20k Gross profit this finacial year, I project that i'll be entering well over the 100k profit teritory early 2027, and I want to get ahead of this.
If you were in my situation, how would you minimise my tax bill, would you plow it all into my salary sacrifice scheme, is there anything else you'd consider? I'm not married, if that helps too! My end goal is to pay the tax man as little as possible!