legal formalities with starting your own business on part time
i wanted to findout if anyone out there who is part self employed and part employed how easy or diffcult it is to bringing both world together, and important things essential and what to be aware of with TAX and ETC
there are some free programmes helping you through your start-up like:
Being self-employed and working part-time you will have your tax free allowance already 'used up' with your part-time job (PAYE) and will be fully taxed on your business income. In your yearly tax declaration (self assessment) is a section where you can declare your PAYE which is fairly straight forward.
"and will be fully taxed on your business income. "
this is true - given, of course, that you earn more than the tax allowance in the part time job. Don't forget, though, that your income from self employment is the figure you end up with AFTER taking out your expenses - ie prof insurance, training costs, trade publicatio subs, a proportion of car if you use it, equipment, oils etc. and you will also be able to claim an allowance if you work at home. It's really well worth finding someone to go through your cashbook and records and help with your tax return. EG, my lady reminded me about putting my washing machine through as a capital item, as it gets used more for my massage business than by the household!
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www.hmrc.gov.uk is an excellent site for information on tax and allowances for start up self employed businesses, and on PAYE for a job in which you are the employee. Dependent on your forecast first year income, you may also be able to apply for exemption from paying national insurance on your self employed business for the first 2 years. It also provides details of free courses which you can attend locally for start up businesses.