Setting up as self-employed?

staceysteve

Hi,
In the coming months I'm going to start a beauty business. This is will be in addition to my part-time job I hope to build the business and then give up my job in hopefully a year.
I've just had a look on the Business Link webstie so I know need to register a self -employed and complete a self assessment blah blah but what I need to know is will registerin as self-employed affect my tax on my part-time job?
Also I've heard that there are so many tax benefits for being self-employed including only getting 17% rather than 22% because you are integral to the business?? Is that rubbish?
Don't think I will need to be VAT registered yet as I don't expect turnover to be that much...just yet:p
If anyone could give me some advice or point me in the direction of good advice would be much appreciated.

gabyjane

Hi going on my own jobs here i can help you possibly a bit! I have 2 jobs one employed part time and the other SE..the tax is done in 2 brackets (cant think off the top of my head but can look for you)..i just do on my tax return the employed but and the SE bit..quite easy.

As for VAT isn't it £60k?..im no where near that figure so dont worry about that! Id'e suggest looking at the gov site under the SE bit it's a real help..also any queries i have rung my local tax office..always very helpful.
Good luck with your venture x