Launching my own business

Fuzzythinking

Hi

I am considering of launching my own small business as part of my secondary income. My small business will not affect or distract me from my employment. I assume that tax code number will change therefore will my employer know that I have business or not?

FT

nearlyrich

They won't be told why the tax code has changed by the tax office however if your contract precludes you from working for anyone else whilst employed I would have a conversation on the lines of what would be your thoughts if I start a business or potentially face dismissal for breach of contract if they find out.

terryw

No. The tax office will send you a separate bill for your self-employed income when you have submitted the details.

Notmyrealname

The tax code will only change if you expect a small profit and ask for tax due to be taken from you via your PAYE. On standard self assessment, there is no change to your tax code with your employer and they won't find out.