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Employed & Self Employed

I currently am in full time employment however I have also just purchased a small business. I am intending on remaining in full time employment and also operate the small business (its seasonal).

I am aware that being self employed you need to register for tax and NI etc however how is this affected by the fact that I am already employed?

I am happy to register to pay tax and NI however I am basicaly asking how do I register and keep the fact that I am paying Tax via the PAYE system at work as well.

Thanks in advance for any help on this matter.
Here to help and be helped!

New to MB, running profit, £16 from MB, £30 cashback!

Comments

  • fengirl_2
    fengirl_2 Posts: 4,530 Forumite
    You register as self employed with HMRC as soon as you start to trade. You will, of course, be producing annual accounts and the details from this will go on your self assessment along with your pay and tax from your main job. The tax due will relate to your self employed profits and be payable in Jan and July follwoing the end of the tax year in which the profits are made. Class 2 NIC's are payable by monthly DD.
    You will continue to pay tax under PAYE on your job - this is not affected by your other activities.
    £705,000 raised by client groups in the past 18 mths :beer:
  • Jacka87
    Jacka87 Posts: 369 Forumite
    Part of the Furniture Combo Breaker
    Thanks Fengirl,

    Accounts etc are not an issue I am already on top of that with my plans. I was just not sure how you registered for being self employed if you are atill employeed.
    Here to help and be helped!

    New to MB, running profit, £16 from MB, £30 cashback!
  • There is nothing unusual (or illegal) about being employed and self employed at the same time: many people do this. It is a good way to top up your income, gain extra experience, have something to fall back on etc.

    When you come to self assess, there will be a section on income from employment and another one for the self employment figures.
    Who having known the diamond will concern himself with glass?

    Rudyard Kipling


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