Sole trader / self-employment question

Pizanti

Hello,

I am currently employed as a teacher but am planning to quit my job in the next few months.
I plan to set up a business as a sole trader. The idea is for the business to be part-time and that I will also be working as a supply teacher whilst I am starting it up.

My questions are...
1. If I register as a Sole Trader and, therefore, as self-employed, will that create all kinds of tax complications with my current employer?

2. Once I am self-employed, and have a company registered, can I put all money earned in whatever ways through the books of this one company? I'm imagining that for a while I'll be doing a bit of this and a bit of that and there could be income coming from many different directions (probably not in great quantities though!).

Not sure I've explained myself very well but any advice (perhaps of somewhere else to ask if more appropriate) would be gratefully received.

phill99

1) You just need to complete a tax return. There will be a bit for employed income and one for self employed income.

2) iYou are getting confused between being self employed and having a company. The 2 are completely different entities. Self employed (also known as being a 'sole trader') is just you undertaking work for a number of customers, getting paid for it and declaring it to HMRC. A 'Company' is separate legal entity of which you are the Director.The Company has to be registered with Companies House and you will have a wide range of responsibilities as the Director.

In terms of your question about income streams, it doesn't matter where the money comes from eg gardening, photography, eBay trading etc as long as it is declared.

Pizanti

Phill99, thanks very much for taking the time to explain that. Really appreciate it and glad I was over-complicating the matter.
Thanks again.