Company Formation and having another Job
chrisb1357 started this topic @ 23:08 on 19/10/2008
Hi all,
I currentley have an IT job which is fulltime at the min but its not great and may finish end of Nov. My question is if i have a fulltime job at the minute and pay tax and ni can i still register a LTD company or a Sole Trader without paying tax and ni or any other fee's on the new company startup until i start doing work for the new company
Chris
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RE: Company Formation and having another Job
AJ99 | 20/10/2008 02:31 PM
If you are going to be sole trader , there is nothing to register.There is no register to enter your name as a sole trader.Your income will be added to any existing income once you start trading and taxed accordingly.
You can register a Ltd company at the companies house at any time you like. You can be working or you could be out of work and that has nothing to do with registering a company.Registering a company is regsitering the birth of it regardless of your personal standing.Tax and NI will only happen when you start earning through the new company as an employee or a director.Even once you start working for the new company if you are not paid a salary from that company ( meaning you are not drawing any monies out of the business) you are not liable to tax and NI payments.
RE: Company Formation and having another Job
chrisb1357 | 20/10/2008 09:10 PM
Many thanks for the feedback and advice, So if i was to register a LTD name soon but not run anything from the new company yet i do not have to pay tax or ni for this but still pay my normal ni and tax on my current job. Once i start to get orders or buy items for the business then i have to start to do accounts for the new company and pay ni and tax.
Chris