Full time employed & running a small business

Sunshiney_Days

Hi Everyone,

I need some advice,,,,

I am in the process of launching a small business. I will remain in full time employment whilst the business (Hopefully) takes off.

I don't want to get stung by doing anything wrong - but dos anyone know the right way to go about this?

I will eventually be self employed, but until that point I will be both employed by someone else and by myself... is that makes sense?!

Do I have to list my business as my 'second job' and therefore be taxed 50% on all my earnings?

Totally lost and confused, any advice would be so helpful.

Canucksfan

Hi Sunshiney,
I am in the same position as yourself. I am making preparations to start a business with little initial financial outlay in the New Year, but with the potential to grow in a few years. I also work FT shifts.
I don't think I'll be much help with your specific questions, as I live in Canada (but used to live in UK). The advice I was given was to employ an accountant and to keep EVERY receipt, especially utility bills if working from home as they can all benefit you when it comes to submitting a tax return. The cost of the accountant will be paid back to you under 'Professional Services' on your Self Assessment form and they can save you A LOT with their advice too.
I have just borrowed a book from the library about what is deductible written by a tax specialist - it's a real eye opener!
Anyhow, drop me a line/PM if you like

bengalknights

You would have to let HMRC know that you are also self employed and they will issue you with the logins to submit tax returns etc.