Employed and self employed

James131994

Hi,
Just after some advice. I work full time (38hrs /week) and am a basic rate tax payer. I also now have a small business that I am in the very early stages of starting. It won’t get anywhere near the VAT threshold and I would ideally like to register as ‘self employed’. Can I do this even though it is only going to be part time and not my main income source?

I will be remortgaging in 2/3 years and would like to include income from both my employment and my business but not sure if the best way is to go self employed or if i’ll need to start a limited company as this is not my main source of income. I should add my employment and the business are in completely different industries so it’s not just a ‘freelance’ type thing.

Thanks for reading!

CityLite

James131994 wrote: »

Hi,
Just after some advice. I work full time (38hrs /week) and am a basic rate tax payer. I also now have a small business that I am in the very early stages of starting. It won’t get anywhere near the VAT threshold and I would ideally like to register as ‘self employed’. Can I do this even though it is only going to be part time and not my main income source?

I will be remortgaging in 2/3 years and would like to include income from both my employment and my business but not sure if the best way is to go self employed or if i’ll need to start a limited company as this is not my main source of income. I should add my employment and the business are in completely different industries so it’s not just a ‘freelance’ type thing.

Thanks for reading!

You must register as self employed with HMRC if you are working as self employed. How many hours you work as self employed is irrelevant.

The decision to operate as a sole trader or limited company should not be based on a possible forthcoming mortgage application; it will have very little if any influence.

Take advice from an accountant on how best to set up your business(es)