Qasim is planning to start a new business which he may operate either as a sole trader or a corporation. The business is estimated to make 39,000 profits before any salary to Qasim, tax and NICs in the tax year 2018/19. If Qasim organizes his business as a corporation of which he would be the sole shareholder, director and employee with the company paying him a salary of 9,500. He would also receive all the remaining profits after corporation tax as a dividend. His net income after taxes and NICs will be as follows: Profits before tax Less: Director's remunerations Less: Employer's class 1 NIC Corporate taxable profits Corporation tax@19% 39,000 (9,500) (148) 29,352 5,577 Salary and dividends to Qasim Tax on salary and dividends income Employee's Class 1 NIC Net income received after all taxes and NICS 33,275 1,457 129 31,689 Alternatively, Qasim may trade as a sole trader. Required: a. Compute the net income after all taxes, Qasim would receive if he trades as a sole trader. b. Will there be a saving on taxes and NICs if Qasim trades as a sole trader instead of incorporating his business