self employed question?

[homeriscool]

hi everyone, just a quick question - if i am employed but i wish to start a business from home (buying and selling) whilst still being employed, am i allowed to do this? if yes do i use my home address as my business address aswell?

[Barnie]

yep i trade as a sole trader under a business name

just make sure you dont have a conflict of interest with work, ie selling the same gear

[itom]

Hi, I have been in the same job for 22 years and in 2006 registered as self employed (as well as staying as an employee). Amazing what I have learnt since being self employed - have attributed a % of household bills as an expense to my self employed business as I work from home and as I have made a loss in both 06/07 and 07/08 I have offset that loss against my employee income and received a tax rebate. I use my home address as my registered self employed address, but I do know that this COULD involve busness rates etc

[Robert Blake]

I have just gone full time self-employed but considered part time to start.

You can (as the previous post from itom stated) keep a job and run a part time business also.

It can provide you with some pretty good benefits and acts as a buffer if the self employed work is on the slow side financially.

You will have to keep good accurate accounts and fill out a self assesment form for every year of activity (even if it is pretty negligible) but the pro's outweigh the con's.

Robert Blake:)

[itom]

I wholeheartedly agree with keeping proper records and accounts from day 1 - make it your top priority (well, after sales maybe!) - ashamed to say but only this week I have completed my 2006/07, 2007/08 and got up to date on 2008/09 accounts plus fully up to date with VAT to Dec 08 - and all because it was always the last thing I thought I had to do - there's always tomorrow... NOT