Employed & Self Employed

[michaelinwiltshire]

Can someone advise I am currently the director of a LTD company, all paperwork is taken care of by the accountant. I draw a monthly salary which is processed through PAYE.

In spare time I take ADHOC calls for a major company they pay me monthly as an individual.

Does this mean that I need to also register with HMRC as being self employed as I earn monies from the second company as a private individual.

Please help if you can thanks.

 

[dp0848]

Yes it does. Call them on 0845 915 4515 and explain the situation to them. They will then set things up correctly for you.

David.

 

[michaelinwiltshire]

Can you tell me it would prob be in my best interest to keep all income under the LTD company.

If I work as an individual could I note invoice under my name on the following basis

My LTD COMPANY trading as "My Name"

Thanks for your help so far,

 

[Maslins]

If you are invoicing from your ltd co the invoice needs to clearly state that. Remember you, and your ltd co are separate legal entities.

You could ask the "major company" if they mind you invoicing under your ltd co name. I can't see how it makes much difference to them.

You might need to be slightly careful for VAT though. Not that you're doing anything wrong, but bear in mind if you do some work, and your ltd co does some work, then effectively you both get a £67k threshhold before you need to register. So if your company had a t/o of (say) £60k, and you did work for the major company totalling (say) £20k, you'd be fine separately, but together (ie if all invoices came from the ltd co) your ltd co t/o would be £80k.