Employed & Self-Employed

paulmoscrop

Hi all.
Hoping someone here knows. Can I be furloughed from my employer and then register as self employed? Or are there restrictions on this?

LittleVoice

paulmoscrop said:

Hi all.
Hoping someone here knows. Can I be furloughed from my employer and then register as self employed? Or are there restrictions on this?

Go ahead!  As long as you are not going to work for the organisation which has furloughed you.

That also assumes you are not going to be in competition with them.

Brynsam

Any restrictions would be imposed by your current contract of employment with your employer, so check that first. Otherwise go for it and good luck.

paulmoscrop

Thanks for the replies. 

If I was to register as self employed this month, when it comes to tax return time, would I just be paying tax on the self employment or would I need to declare my employed income as well?

Savvy_Sue

You'd declare both, because if you're using all your personal allowance on your employment, you'll pay tax on all of your self-employed profit.

You'll also declare how much tax you've already paid on your employed income, so it's taken into account.