help starting up a small buisness whilst still working

paye

Hi Just hoping if anyone can give me some advice on the best way to setting up a business whilst still being employed . I am currently in full time employment and I am thinking of setting up a small business on the side whilst still being employed. My business will be mainly writing quotes for tenders and pricing construction jobs in my spare time.

Now what will be the tax implication if I was to set the business up in my name or would it be better to set it up under my wife name who is currently on maternity leave. I am the highest earner out of my wife and I. Also would it be worth setting up a limited company or as a sole trader?

I already have a few clients who wants my services but I can't really offer them anything unless I have a company in place.

Any help will be much appreciated.

Brassedoff

It's half the core stuff I do and would be surprised if you could do it part time. How many hours a week are you dedicating? Are you experienced at it in the commercial sense?

Are you going the full stretch too? ITT to PQQ and ITQ? I ask as I do >£2GBP and must turn 20-30 hours a week.

My advice would be to definitely go Limited, make sure you have PII which I pay £13.50 a month for. Two reasons for doing both. If you stuff a job up, there's a claim. If you read or interpret a spec wrong, there's a claim. If the client gets particularly nasty, especially if they are the incumbent and are zero'd by some looking to knock them out or cover their base area by spread tendering there's a claim.

Are you going into any specific types of PQQ's?, I stick to four areas and don't stray out of them.

Anyway, good luck, if you are experienced, drop me a PM, I might have a lead or two.

Kayalana99

FYI your wife can't earn whilst shes on mat leave (assuming shes being paid from another job) without it affecting her mat leave earnings.

Shes either at work or shes not...she can't go making money on the side as then she should be at work. (This isn't my opinion its just how law would see it)