I have a full time job but want to do some private work. How does this work?
Answer:
Get hold of an accountant, i'm sure that if you set up a business based from your property there could be "tax perks" for you, although you may have to declare the change of use for your property.
I'd speak to Citizens Advice Bureau, they can offer good help. You could always carry on declaring it depending on how much you want to do.
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firstly, as your 'second' job, you will have to pay base rate tax on all your earnings.
there is way around that though, by using and umbrella company such as gain advantage/gabems/sterling etc you can save yourself paying extortionate rates in tax, they set you up a director of a single share company, pay you a nominal amount paye so that you are still tax and ni compliant and the rest of your earnings are paid to you as dividends, so you only pay 19% corporation tax on the dividends, ie saving about 10 ish %.
or just set up a ltd company, which costs about £50 online, but if you do that, set up a business bank account and get an accountant for quarterly payroll/year ends/filing accounts etc.
hope this helps.
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maybe u can choose other private work where you do not need to declare, Work at home after your working hours or during weekend. go for the internet business which requires less of your time and the one that will not make you feel headache with web designing, or which require IT knowledge. Second, choose the internet based company which offer you the opportunity and at the same time giving you the convenience to start the business. Third, choose the business, which does not require big money to start it.
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Setting up a company would depend on how much you expect you will earn. With this route, you can reduce the amount of tax you pay plus you can also deduct far mor expenses than you can using your tax return. But it's probably not worth the effort in and cost of hiring an accountant if the earning is not significant. If you don't go down this route, you can continue declaring your earnings through your tax returns.
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