Kind of starting a business.

[ikonia]

LTD company is a big investment in terms of time and effort, and unless you are planning to quite your job in the near future and work on this full time could cause you a world of pain.

Bottom line is you want to be a Soul trader (spelt correctly this time) and make sure you are aware of what tax rules apply to what job.

eg: tax for 9/5 job
tax for free lancing
how each effects each other.

And I know I've said this before, but please please check your current employment contract for your 9/5 job for things like

You must not engage in business dealings outside the company within the same industry
You must not hold shares in rival companies


eg: make sure there is nothing your current contract that stops you doing this, as I say, I know of two people who have lost their jobs over it. Its not normally an issue if you have this setup before you start a job, but as your making a decision to do this while employed with your current employer you could end up in a real mess. It /may/ even be worth sounding this out with your boss/HR person at your current job, and if you don't think that would be a wise move as they may not be happy - think how unhappy they would be if/when they find out your doing it behind their back

[mycarsavw]

Bottom line is you want to be a Soul trader (spelt correctly this time) and make sure you are aware of what tax rules apply to what job.

Fail to pay the VAT man and you'll have to trade your soul anyway.

Sole trader

[ikonia]

same typo again, after reading it off the same page.......unbelievable.

[schmunk]

You need to register for Class 2 National Insurance contributions (~£2.10 per week) using Form CWF1 within 3 months of starting self employment, else you are liable to a penalty.

If you are serious about starting trading, I would strongly recommend hiring an Accountant/Tax Advisor to help with the various compliance issues. I'd offer my services, but they're somewhat expensive...

[Bazzlad]

Lol - all this for the occasional £1000 project on the side. Unbelievable.

1) My Boss is ok with it.
2) It won't be a massive amount of earnings, just the occasional job.
3) If it takes off I will go self employed - nothing like dipping your toe in the bath first eh?

Cheers all,
I'll go speak to an accountant methinks.

A cheap one.

[ikonia]

good man for checking up, thats always a worry that people seem to laugh off about their current employer.