Home – New Forums Starting your journey Business Structure whilst employed – tax implications Reply To: Business Structure whilst employed – tax implications

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BizHelp, post: 200003 wrote:
Hi All,

Do apologise if this topic has been covered, I have trawled through the forums but am unable to find the answer to my question.

I am employed in the public sector at the moment and have decided to start a side business (for the moment) in strata maintenance with a friend who I also work with.

The question I have is “how does tax affect us both if we had a partnership business set up, being employed full time on about 80kp.a and with a ballpark figure of 50k in our first yearof business.

Could someone pls explain how we are taxed on the earning of our business.

Thank you in regads,

Jayne was correct in saying that accountants can only provide general advice in relation to this. JJ has provided a response based on the facts you have provided. There are always others areas that you need to consider before starting a business., such as; is a partnership the best structure for my business.

I would always recommend speaking with an accountant before setting up a business.

If you would be interested in discussing further and obtaining specific advice,please email me at [email protected]