Also what are the implications R.E tax?
2007-05-16 04:36:51 · 6 answers · asked by Please tell me 1 in Business & Finance ➔ Taxes ➔ United Kingdom
Provided you tell your employer, tax implications depend on the business and how you set it up. I would adivse getting an accountant beforehand - he'll pay for himself.
2007-05-16 04:41:01 · answer #1 · answered by chillipope 7 · 0⤊ 0⤋
What does you Contract of Employment / Company handbook say ?
Most Companies will have a 'no competition' clause & some may explicitly forbid you e.g. being a Director of another business etc.
If it's not forbiddden you should be OK (be carefull about contacting suppliers or (especially) customers of the Company = or 'making use of' confidential information = this will usually be seen as 'misconduct' and you could get fired).
re: Tax - you are Taxed on you total income, no matter where it comes from = you will need to fill in a Personal Assessment Tax return at the end of the year (unless you set up a Limited Company and don't draw any remuneration or take any dividends)
2007-05-16 04:40:51 · answer #2 · answered by Steve B 7 · 1⤊ 0⤋
Yes of course you can. You may have a contractual problem if the business is in competition with your employer, but this would be very unusual, as restriction clauses are normally only used when you sell a business or change jobs.
Schedule D tax will fall due based on the profits of the business and will not change your PAYE position.
See an accountant.
2007-05-17 11:41:52 · answer #3 · answered by Do not trust low score answerers 7 · 0⤊ 0⤋
You can set up a business and remain employed with your current employer as long as it doesn't interfere with your current job, there should be know tax problems if your not getting paid by your new business yet, but in the future you could do part-time in both. Check with local tax office for more details
2007-05-16 04:54:39 · answer #4 · answered by Anonymous · 1⤊ 0⤋
In most cases yes.
Many people work in one job and own a small business. It is hard because not only do you have two jobs but you are the boss of one and therefore responsible for the employees. Make sure you can do both WELL or dont do it. You can ruin the business and lose your job at the same time.
And remember, is it really worth it? or will you be really working and making all the money for IRS?
2007-05-16 04:44:01 · answer #5 · answered by Nevada Pokerqueen 6 · 1⤊ 0⤋
as long as your company doesnt have a policy that says you cant. i have a computer buisness and work at another job.
2007-05-16 04:46:36 · answer #6 · answered by nuzzihuzzi 2 · 1⤊ 0⤋