Starting own business whilst employed. how to be legal tax wise etc?

Question

I am in the UK and starting a business. for the time being I am keeping my full time job whilst I get the business going. If I declare the business to HRMC will effect my normal fulltime income/tax etc. Please give any advice you feel relevant, thanks.

Answer 1

No it won't make any difference to your PAYE tax position. Register with HMRC and pay Class 2 NICs by DD. And get an accountant !

Answer 2

I'm a self employed therapist, I wasn't classed as self-employed until I'd done a treatment for my first client. Once you've done your first 'job' as self-employed you then have three months to register as self-employed basically. Should give you enough time to find out if it's worthwhile leaving your full time job or not.

If you want to make a business work very successfully you need to dedicate all your time to it. I'd leave your job and go for it!

Good Luck

oh ps, make sure you've got a good accountant!