Can I register as part-time self employed?
I am currently full time employed but would like to register as part-time self employed while I test my business plan and check out the operating costs vs profit etc. Is this a possibility? Will it hit me harder in tax/NI? Anyone with info all much appreciated.
Update:I am currently working full time and I wish to be registered for part-time self employed work as well as maintaining my current full time position. Is this a tax nightmare in the making?? I think the phrasing of my previous details may have been ambiguous - status of self employment would be sole trader. Is this viable?
Comments
sure this is viable, and would just mean you have to complete a tax return each year to declare all your income. i did my first tax return online earlier this year and it was quite simple.
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Part Time Self Employed
Tax will only hit you hard if you do not plan for it and save a proportion of any income to pay any tax,NI bill at the end of the year. Basically, all income has to be declared and your tax and NI is based on that income. The Inland Revenue Tax offices run free training seminars for small businesses you should make contact and get on the next one in your area.
You cannot register as part time self employed - You either are or are not.
However, when you phone up your local tax office to tell them you want to become self employed (I can't remember the exact number because it was so long since I registered), tell them that you are not anticipating a lot of profits in the initial stages, and they will advise you of the best thing to do.
Yes you can register as part-time self employed, my ex was a painter and decorator and he was part-time self employed. You can pay reduced nat ins contributions and for the first year or so you can actually be exempt from tax and insurance if your income is less than £4,800 I think it is, whatever single persons tax allowance is anyway. You can claim tax credits too. Look into it, go to citizens advice. Good luck. x
Yes you can - Phone HMRC tell them - they will issure a 2 part tax return at the end of the year - 1st part for your employment details and the second for your self employment - both the HMRC & Business link run free courses for the self employed.
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You should go to the HMRC website and look for 'sole trader' and 'partnership' general, tax, startup information. Sole traders should register with HMRC and limited companies with Companies House. Visit Startup UK for general business ideas, case studies, legal, advice.
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