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Full time employee to self employed sole trader - but need additional part time work on the side

Discussion in 'Employment & HR' started by Barnacles, Feb 8, 2018.

  1. Barnacles

    Barnacles UKBF Newcomer Free Member

    1 0
    Hi all,

    Huge apologies if this question is already answered, I did try to find the answer :)

    I recently made the decision to leave my full time employment in favour of starting up on my own as a sole trader. I have already kicked off my business idea development and am doing this in my spare time alongside my day job. For various reasons I have decided to hand my notice in to my current company with the intention of focusing full time on my own business in the future. I have a 5 month notice period so a number of months to get my idea up and running (it’s also relatively quick to bring to market).

    I’m planning for success but I’m also a realist. I’m fortunate enough to be experienced in a field where part time consultancy/freelance work would be more than enough to ensure fixed income to cover mortgage/bills etc so should my business plan not work out, I can still keep things going.

    My question is - a potential employer for a part time role has asked if I’d be invoicing as a consultant or be a part time employee. I’ve read as much as I can on different employment statuses but can’t work out which option may be better financially now that I’m registered as a sole trader (but not yet trading) - if there is even a difference from that aspect. I’m not fussed about employee benefits, i just want the initial security of 2-3 days a week income so I can still work on progressing my own business. But I’d also like to keep my tax obligations and paperwork to a minimum.

    I hope this makes some kind of sense - I’m afraid my head is spinning a little!

    Many thanks in advance for your feedback,
     
    Posted: Feb 8, 2018 By: Barnacles Member since: Feb 8, 2018
    #1
  2. Newchodge

    Newchodge UKBF Big Shot Free Member

    9,314 2,370
    There is no choice about this. Either you are an employee or you are self employed. You don't get to choose. Check the HMRC website to establish which it is.
     
    Posted: Feb 8, 2018 By: Newchodge Member since: Nov 8, 2012
    #2