Might go self empl as a sideline, what do i do?
09 January 2009, 01:14 AM
#1
Might go self empl as a sideline, what do i do?
Should be (fingers crossed) moving over to blighty sometime this year and might do a bit of internet business (websites) as a sideline but to get legit I will get reg'd
what do I do to get going?
any downsides to getting legal, prob wont earn enough from it to pay tax
do I need to get reg'd, just do the yearly tax form
what do I do to get going?
any downsides to getting legal, prob wont earn enough from it to pay tax
do I need to get reg'd, just do the yearly tax form
09 January 2009, 07:12 AM
#2
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Depending on how ambitious you are, I would try it out as a paying 'hobby' first to see what interest there is. If it starts making serious money then you can do all the legal stuff soon enough.
We set up a mail order business while I was working and let it run for 2 years until we were sure it was making money reliably and then the accountant did all the paperwork to make it legit.
It would be a waste to go through all the aggro of setting up a company to find out there's no work. I hope that's not the case!
Best of luck.
We set up a mail order business while I was working and let it run for 2 years until we were sure it was making money reliably and then the accountant did all the paperwork to make it legit.
It would be a waste to go through all the aggro of setting up a company to find out there's no work. I hope that's not the case!
Best of luck.
09 January 2009, 07:31 AM
#3
There's no limit to avoiding paying tax on profit from a sideline job - it gets added (if you declare it) to your FT earnings and tax will be calculated from the total income.
The legit way would be to declare yourself as a sole trader to the tax office.
You will have to fill in an additional tax return form every year for your sideline activities.
The legit way would be to declare yourself as a sole trader to the tax office.
You will have to fill in an additional tax return form every year for your sideline activities.
Last edited by Butty; 09 January 2009 at 10:02 AM.
09 January 2009, 08:00 AM
#4
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Should be (fingers crossed) moving over to blighty sometime this year and might do a bit of internet business (websites) as a sideline but to get legit I will get reg'd
what do I do to get going?
any downsides to getting legal, prob wont earn enough from it to pay tax
do I need to get reg'd, just do the yearly tax form
what do I do to get going?
any downsides to getting legal, prob wont earn enough from it to pay tax
do I need to get reg'd, just do the yearly tax form
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