New business and already full time worker advice needed

[Kat81]

Hi,

I'm setting up as a Lash Technician, but will be continuing with my full time job for the forseeable (which i obviously pay tax and NI for)

Is anyone in a similar position and can advise me on what i need to do, how i start up etc? I've been told i'd be classed as a sole trader.Will i still need to pay NI on the business dessite paying it with my full time job?

TIA

 

[salonfrog]

Hi,

I'm setting up as a Lash Technician, but will be continuing with my full time job for the forseeable (which i obviously pay tax and NI for)

Is anyone in a similar position and can advise me on what i need to do, how i start up etc? I've been told i'd be classed as a sole trader.Will i still need to pay NI on the business dessite paying it with my full time job?

TIA

Hi

You'll need to be registered as self employed and pay income tax and (if your profits are over a certain level) national insurance too.

However, as you are also employed and taxed through PAYE, there is a cap on how much NI you will need to pay.

If you complete a self assesment tax return, you'll enter information in the employed and self employed sections.

Worth you looking through this link if you haven't already:

https://www.gov.uk/topic/business-tax/self-employed

 

[AcidPerm]

You probably already know this but to clarify, if you're already paying income tax through your paid job, it means that you've already hit the free earnings threshold so any profit you make from your business will be liable to tax.

The link that @salonfrog has posted is a useful starting point.

 

[Kat81]

Thanks all.