And if you can how do you be come self employed? Do you have to register as self employed? What are the financial implications as far as tax and accountants go?
2006-08-13 07:08:23 · 11 answers · asked by Chris M 1 in Business & Finance ➔ Careers & Employment
It is legal to own a business on the side, you still report income or loss on your yearly taxes from that business.
2006-08-13 07:11:16 · answer #1 · answered by Pinolera 6 · 1⤊ 0⤋
Provided your contract of employment doesn't prohibit it, it is fine. From the tax point of view, you will need to declare any earnings from your self-employed activities on a tax return and pay the appropriate NHI for that portion of your income. For calculating your taxable income you can deduct any expenses incurred 'wholly and necessarily' for the purposes of that trade. Have a look on the Inland Revenue website...it's very helpful.
2006-08-13 14:16:55 · answer #2 · answered by nlj1520 3 · 0⤊ 0⤋
YES it is legal to do that, that is what i'm doing except im in a part-time job, i think you have to tell the inland revenue that you are going self-employed, also the tax people.
Good luck and hope it all goes well.
2006-08-14 08:30:08 · answer #3 · answered by little.lost 4 · 0⤊ 0⤋
You need to read the terms and conditions on your contract of employment for your permanent job.
Some companies can get quite snitty about you doing part-time work in your own time, especially if you are doing anything which could be considered to be in competition with them.
You'll probably need to consult with an accountant to sort out the tax, NI and VAT implications.
Good luck
2006-08-13 20:27:14 · answer #4 · answered by CeeVee 3 · 0⤊ 0⤋
yes, but your job on the side as self employed keep it between you and the door stop. why pay tax twice. easy way to avoid paying tax as self employed after work is drop your prices and take cash in hand only. the only people who would report you are the bank but thats only if you make large deposits of money. it used to be the legal limit before being reported by the bank was 10 gand, but with the current climate of extreme nervousness by institutions they may report anything over 5 grand.
final advice dont pay tax twice and only take cash no cheques or visa.
2006-08-13 14:20:25 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Oh yes.
But some companies put it in their contract that it must be your sole employment.
If this is the case it is still legal but you are in breach of contract and make be liable to being sacked.
Check with your employer or read your contract.
You will also loose tax relief on the earnings from the selfemployment.
2006-08-13 14:16:11 · answer #6 · answered by David T 3 · 0⤊ 0⤋
you can do what ever you want as long as it is legal to make money during your off time. You just have to report you profits and pay taxes on them.
You will need a license or permit to do some things. Like sell food or do electrical work. That is usually for public safety though.
2006-08-13 14:15:12 · answer #7 · answered by thatoneguy 4 · 0⤊ 0⤋
Depends on contract
Full time employer should have no objection.
Self employment should not be in emplyed working time,should not effect working
2006-08-13 14:15:33 · answer #8 · answered by pini 1 · 0⤊ 0⤋
yes as long as it doesn't affect you full time work
2006-08-17 09:04:21 · answer #9 · answered by Anonymous · 0⤊ 0⤋
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2006-08-13 14:13:30 · answer #10 · answered by Anonymous · 0⤊ 0⤋