Self employed and employed

[Blue Fox]

Hello all,

Having started up a couple of months ago I'm about to register as self employed. How ever I'm still working for my original company whilst I build this up. Now for the question: If I'm registered as self employed will the tax man contact my regular company for anything as I don't really want them knowing that I'm doing this as well?

Thanks

 

[SuperSwift]

The company will have to stop you 20% tax if you go solely self employed or they will be fined

 

[Blue Fox]

Thanks for the reply but don't think I've made my question clear enough, I was already working as an employee for a company and have been for years and so pay tax PAYE and my national insurance as normal as an employee but am now setting my self up as self employed so am going to register as self employed, but am going to continue working for my existing company for a while, and don't want them to know I am starting up self employed as well, so will the HMRC contact my existing company for any information or will my self employed stuff stay totally seperate and without the knowledge of the company I'm an employee for?

 

[Subneural]

I doubt the taxman will contact your company as they have nothing to gain from speaking to them about your status. Your PAYE code will probably change though which you may get asked about.

You should check your contract of employment though to make sure your ok to work outside of your employment. I know some employers (the fire service I believe) dont allow it and will instantly dismiss you if they find out.

 

[Blue Fox]

Yeah thats my problem, my company don't allow it which is why I'm trying to keep it on the QT!!

 

[SuperSwift]

you will need your p60 for your tax records at the end of tax year so you can show what tax you have already paid and but your accountant will sort that out.i dont think hmrc will contact you employed company

 

[Apache]

AFAIK

so long as you only use your personal tax allowance the once (and therefore pay tax on every penny you earn through being self employed) then the tax office won't tell your employer.

Have to tried your local tax office - they are often happy to discuss these things with you. Think they like talking to real people

 

[extension15]

Hello all,Having started up a couple of months ago I'm about to register as self employed. How ever I'm still working for my original company whilst I build this up. Now for the question: If I'm registered as self employed will the tax man contact my regular company for anything as I don't really want them knowing that I'm doing this as well?

Thanks

The answer is no.....

 

[extension15]

The IR will expect a tax return (obviously) if self employed, if you do any work that is PAYE alongside, this will normally be taxed on a Week 1 basis, as long as you contact the Tax office.

(and complied within your yearly tax return)

You also need to notify the Tax within 3 months of becoming self employed, even if this is to be part time or not.

B-)

 

[betty swollocks]

ex is right, the IR will not contact your present company, its the way i started up and worked that way for over a year before i jumped ship....

hopefully you will reach a point where their work gets in the way of your work and you'l realise its time to go on your own

good luck m8

welcome to the forum

 

[extension15]

ex is right, the IR will not contact your present company, its the way i started up and worked that way for over a year before i jumped ship....hopefully you will reach a point where their work gets in the way of your work and you'l realise its time to go on your own

good luck m8

welcome to the forum

Thanks betty...Applaud Smiley

I started in much the same way, although it's got a little scary at the moment..

:|

 

[Gforce]

Surely just keep full time job as main job and pay tax as you are inform tax office of status and they will just deduct taxs from self emplyed without any allowance-then noone need know except the tax man.