I’m employed, I work in warehouse, and also I want to start small one man company

[nodar1978]

Hello Guys

Could you give me an advice about my question?
I’m employed, I work in warehouse, and also I want to start small one man company.
My question is:

tax which I pay now from my salary will be bigger after I will start company? And if yes then how can I check it in advance before I will do this? Do you know some exact link from the web sites?
if I start company and first time there will be no income, the tax I pay now, will be bigger anyway or it depend on my income in company?

Thank you in advance

[gemd89]

If your emplyed the employer would deal with your tax and NI, if you become self employed aswell if you make over £5000 a year you will get a quarterly direct debit for NI and then pay tax every april

Gemma

[David Griffiths]

If your emplyed the employer would deal with your tax and NI, if you become self employed aswell if you make over £5000 a year you will get a quarterly direct debit for NI and then pay tax every april

Gemma

Sorry but that's wrong on just about every level.

Yes, if you nominate the existing job as the main employment, then the allowances will be given against that, and deduction continue at the normal rates.

If the OP became self employed, then he would be taxed on all of the earnings, not the excess above £5,000 - the allowances would be given against his main employment

Direct debit for NI is monthly.

Tax on self employment is paid in January and July each year, not April

For the OP, it's not clear if you will be self employed or will trade through a limited company. Either way your main employment would not be affected and you will pay tax on profits that are earned in the second business

[nodar1978]

thank you guys for reply.
so if i will not earn money from new company, then i'll not pay extra tax from my salery which i have right now?
am i correct?
and if my company will start to make some income, then after that I will pay some extra tax from my salery in warehouse. I belive my tax code will be changed then.
I want to start small bussiness which will be extra income then i have in warehouse, but i'm bit worry if there will be some extra payments, even if new bussiness is not good.

thanks

[nodar1978]

thank you again for your advice.
one last question please: you should be familiar with this kind of things, could you please give me the link where i can find all this kind of information? so I'll cary on myself
thank you in advance

[Sacha]

Look up 'Business Link' either in the Yellow Pages or through Google. They're a government organisation that offer free business advice.

Try ringing them, they're very helpful in these kind of situations and may even be able to offer you government grants seeing as you're just starting up.

Wishing you the best of luck,

Sacha