Advice Required on potential new 2nd income/job
16 January 2007, 10:56 PM
#1
Advice Required on potential new 2nd income/job
Right...currently in a full time job earning a good but not great salary, and am thinking of offically starting a 2nd 'self-employed' job turning a hobby into a business.
A quick search has got me thinking about setting up as a 'sole trader' as I don't expect the turnover to be great (initially, possibly £400 - £1000 per month), rather then going the whole hog and registering as a limited company through companies house.
Has anybody got some pointers in starting this up, who I need to contact, how I pay tax's etc..etc...or even point me at a good book on the subject.
I understand things are easier as a sole trader and you can dip into the company funds alot easier and don't need to do PAYE (I think).
And no I don't want to run a 'if its cash dont worry about it policy
PM me if you don;t want to talk online
cheers
A quick search has got me thinking about setting up as a 'sole trader' as I don't expect the turnover to be great (initially, possibly £400 - £1000 per month), rather then going the whole hog and registering as a limited company through companies house.
Has anybody got some pointers in starting this up, who I need to contact, how I pay tax's etc..etc...or even point me at a good book on the subject.
I understand things are easier as a sole trader and you can dip into the company funds alot easier and don't need to do PAYE (I think).
And no I don't want to run a 'if its cash dont worry about it policy
PM me if you don;t want to talk online
cheers
16 January 2007, 11:27 PM
#2
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I was an employee and started a sideline as a sole trader. Basically I just got on with it 
Kept all papers - receipts, invoices etc and had a word with a friendly accountant. Accountant prepared a tax return which declared self employed income/expenses as well as income and tax paid as employee for "main" job. Tax due for self employed bit will be on a separate basis not PAYE.
You need to think about what your main employer may think about you moonlighting and 2 jobs can be hardwork!!
Kept all papers - receipts, invoices etc and had a word with a friendly accountant. Accountant prepared a tax return which declared self employed income/expenses as well as income and tax paid as employee for "main" job. Tax due for self employed bit will be on a separate basis not PAYE.You need to think about what your main employer may think about you moonlighting and 2 jobs can be hardwork!!
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