Creating a second job as Part-Time self employed

Cooketh77

Hi guys

I have an idea that I would like to put into motion for a second job as a Limited Company (Self Employed)...
How does this affect tax contributions and are the benefits still the same as if your Ltd Company is your main source of income?

It would probably only be a part time based job as I work up to 45hours a week fully employed at the moment.

Thanks...

InsideInsurance

If you form a limited company you will not be self employed but an employee/ director of the Ltd.

What makes the difference of if it is worth while incorporating or just being self employed is purely about the amount of money involved both inside and outside the company and nothing to do with the amount of hours worked.... obviously you get some people who do 60hrs a week on £6.50 where as others do 8 hours a week on £100 an hour.

Most accountants will do a free initial session and if you go to them with a projected income from your secondary venture plus your salary they should talk through the implications of incorporating -v- being self employed.