Registering as a sole trader while in full time emplyment

[Bizniz888]

Hi,

I am confused regarding registering as a sole trader while still being employed. From what I understand you must inform the inland revenue that you are self employed when registering as a sole trader or I could be completely wrong ?

What alternatives are there ?

Any help would be appreciated

Thank you !

 

[C.J.Couriers Professional]

Registering as sole trader is exactly the same thing as being self employed. When you want to be self employed, you just register as sole trader. You can do it even when you are already fully employed, you will just pay higher tax on the second source of income.
For more detailed information I would advice Business Link web site.

 

[Mattonella Tile Studio]

Being employed or self employed isn't a mutually exclusive status like being male or female.

My partner is employed, self employed, and also a pensioner. (Isn't doing her tax return fun!)

 

[Crystal Jewels]

Hi,

I am confused regarding registering as a sole trader while still being employed. From what I understand you must inform the inland revenue that you are self employed when registering as a sole trader or I could be completely wrong ?

What alternatives are there ?

Any help would be appreciated

Thank you !

I called up to register as self employed a couple of weeks back. I'm already employed. They didn't ask anything about that. I think it just effects your NI contributions at the mo, depending on how much you earn from being self employed.

Correct me if i'm wrong please.

 

[Strategist]

You can be employed and self-employed at the same time. You just register with the Inland Revenue (forms available from www.hmrc.gov.uk) but you do, unless you can prove that your self-employed income will be minimal, need to pay Class 2 NI which I think from memory is about £2.60 per week.
Good luck,

 

[Barnie]

as above i pay my £2.70 ish a week

then when you do your returns you just input how much you earn from your employment and how much tax you paid

there is a walkthough vid on the hmrc site

 

[Bizniz888]

thats cleared it all up for me !

Thanks