Starting a business venture whilst also working

Fletch0311

I am thinking about starting a business venture to primarily boost my income but also if it becomes successful to be able to leave work and become self-employed. What I intend to do won't affect my work during normal working hours as it's something that can be done in the evenings and at weekends.


Having a family to support I have no option but to continue my full-time job until the time comes to go it alone, which will be once I can earn enough from the new business to support my family.


Does anyone have any advice on how to approach this in regards to the tax implications considering I also have a full-time job, and any pitfalls to be aware of etc?


Many thanks

InsideInsurance

Pitfalls - check your contract of employment to ensure there arent clauses prohibiting other work.

Think carefully about what you are doing and if it really can only be done out of hours and will allow you to have holidays etc.

Tax - simple, register with HMRC to do an annual tax return and deal with NIC from your self employed life.

Put aside sufficient funds - 30% or 45% (depending on if you are a higher or standard rate tax payer with some extra for security) of your profits