The question, I am employed by a company full time to which I fall in the 38% tax bracket and would like to figure a way out to pay less tax especially when I get paid commission over above my salary. My company is open to the idea that I open a 'consulting' company to which I then invoice my employer as if I am not employed by them.
Is this possible and what are the implications of this approach?
No you cannot do this as you an employee of the company. If more than half your overall income comes from commission then you will be able to deduct business expenses such as business travel and laptop depreciation against the commission which will reduce your tax payable.
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