Private coaching

Opibus

Hi all,

I am looking at options for earning some extra income to support my family. I would like to provide some private services to clients (charging per hour). This could be in the form of tuition or coaching in the field are am working in (professional engineering).

I have a name for my services, initially it would be very small maybe one or two clients at a time. Could I go ahead and do this, would I need to officially register it as a business, taxing, etc?

I would really appreciate some advice. Thanks.

asajj

Would this be a second job? You could set up a limited company and put your expenses and income through it. Then you'd be taxed on the profit you make if any. This would be good for you to deduct your expenses such as travel to perform your job.

Also, have you seen people doing something similar in your field? I'm not familiar with the field.

Opibus

Thanks for your reply. Just wondering if I would need to set up an official company to start with? As I would like to trial a few ideas.

Yes this would be an additional form of income on top of my full time job.

asajj

I believe you can also register as self-employed. Tax would work out 20p for each £1 you earn (20% above £10,600 threshold). There will be also NI on the applicable rate to you.

Certainly, if you want to see how it goes first, do it as self-employed. Registering for it is easy. I'd have a look at this page
https://www.gov.uk/working-for-yourself/what-you-need-to-do

And another one
http://findlaw.co.uk/law/tax/taxes/working_and_paying_tax/9508.html

Hope this helps

Opibus

Thanks! Do you know if I can do this whilst being employed?

asajj

Sorry just seen your last post. Yes in terms of tax you can. However check if your employer has a problem with you working privately. Good luck !

Opibus

Is there any reasons why my current employer might reject to this? Perhaps if there is any conflict of interest they might, however I can't see that there would be any conflict. I will not link my private work to my current employer.

I don't remember seeing anything about this in my current contract, however I will check. I hope they don't have the legal standing to stop me.

asajj

Yes that would be only thing I suppose I don't think there would be issue but I'd check it regardless , just to be on the safe side. You don't have to disclose right away, just test the water !