tmk started this topic @ 14:50 on 03/01/2009
hi, i have been approached by a small company that wants me to manufacture small metalwork items from my workshop at home but i also work full time can i start a small non vat registered company and pay myself a small wage without my employer finding out as it will only be weekend work it is different work from what my employer does but i just dont think he would like it sounds silly but i would just like to keep them totally seperate and wondered if it would complicate things being paye as well as trying to earn extra money this way .........i would appreciate any input regarding tax issues and setting up a small concern from home many thanks to you all happy new year
RE: start a small business and work full time ?????
lyonssolutions | 03/01/2009 07:51 PM
You certainly can. I started my business 3 years ago and had a full time job at the same time. Now I am an employer lol.
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RE: RE: start a small business and work full time ?????
tmk | 03/01/2009 08:27 PM
thanks fella, anymore advise on how to get started would be appreciated especially starting a non vat registered company and where best to get started many thanks too all
RE: start a small business and work full time ?????
tiscommwy | 05/01/2009 10:27 AM
Please remember that as you are self employed, your personal assets will be at risk should your business get in debt. This is most likley to come from someone taking legal action against you, i.e. you product causes injury to someone...even if you feel you are not at fault, are you willing to put your house/assets on the line to pay to defend some action...
So make sure you have the correct insurance in order to reduce your exposure to such incidents.
I would also suggest opening a seperate business bank account and keep personal and business finances seperate, get a simple ledger/account book and keep all reciepts, it maybe worth speaking to an accountant as you may be able to offset some of you household costs against the business as I assume your workshop is at home, this could be used to reduce your tax exposure.
Also you will need to register with HM Customs and Revenue as a self employeds person and file an annual tax self assessment.
RE: start a small business and work full time ?????
Tony_Jones | 07/01/2009 07:17 AM
Thanks Tiscommwy and tmk as I had the exact same question.
RE: start a small business and work full time ?????
millionaireblog | 08/01/2009 05:48 PM
Also read your Employers terms and conditions.
Often you need to get permission from your line manager if you become a director of another limited company. Normally they are ok with it as long as there is no conflict of interest.
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