Starting something on the side

[Diddums]

Hello.

I run a full-time job rather well, I'm the happiest and most successful I've ever been so I'm not going to risk that before I know 100% for sure what every possible outcome of this idea is. I'm getting a copy of my employment contract tomorrow to see what it says.

That said, I would like to run a little consultancy on the side for people doing what I used to do. I have some potential clients lined up and finding work won't be an issue.

So from a legal point of view, do I register as self employed on the side? How will this affect my tax status? Can I join that Panama Papers movement?

I am already in the highest tax bracket so not sure how that'd affect anything?

Obviously I will seek professional help elsewhere but it's always nice to hear what you lovey jovial people have to say.


Cheerio darlings <3

 

[ultralaser]

I think we all have two words of 'advice' for you.

 

[Diddums]

I think we all have two words of 'advice' for you.

What are they? More money? Less tax? Iloveyou Diddums?

 

[Cleisthenes]

Worst I'm rich already thread ever

 

[Minusorange]

I will seek professional help

Finally!

 

[Diddums]

Finally!

That was my consultancy

 

[Diddums]

Worst I'm rich already thread ever

I wish I was rich. I'm a bloody pleb, just like everyone else. I'm rich in other ways though. Like love, kindness, generosity, and all the other rubbish that nobody cares about and doesn't put food on the table. Stuff only poor people say

 

[Dis86]

Pretty sure if you're on 150k+ you count as rich!

 

[Diddums]

Pretty sure if you're on 150k+ you count as rich!

I ballsed it, I'm on the one below, with all the other poors

 

[Dis86]

I ballsed it, I'm on the one below, with all the other poors

Lol. Get back in your hovel, pleb! First thing, which you're clearly wise to is to check your current contract. Some may flat out state you're not allowed another job, but some may state things like you cannot aid a competitor. They could argue that this makes you a competitor...not sure they'd succeed but wouldn't be fun.
Get yourself a Ltd. Company set up. Get an accountant. Strictly anything you're earning through the other job will be at higher rate.

Do ask yourself though, do you value the extra cash or do you value your time?

 

[lurkio]

Lols, I also have a full time job and also work at my own business
If you are going to make tons of extra money then go LTD, if not just register self employed

 

[Scrutinize]

.

 

[Skynet5]

Read contract. Perhaps ask them.

Set up limited company. 20mins online. Register for VAT... More of a ballache but allows extra benefits.

Make sure you do a self assessment if you don't already. Accountants will take care of this if you don't want to do paperwork.

Pretty simple tbh.

Limited company is better as you can take more as dividends. Not as good as it use to be, but still good.

I use to contract, but dividend changes meant permie was better... I had to have a very good day rate for it to make it worth not being a permie. IT has changed a lot if your near the top.

 

[Monkeynut]

Read the thread title and thought you had a side-chick.

 

[Em3bbs]

I'm getting a copy of my employment contract tomorrow to see what it says.

Maybe you should have waited to do this before posting the thread? Weird.

 

[Chojin]

When you read your contract it will tell you that you need to use a different safe word with your own clients.

 

[peterwalkley]

I would be careful having any conversation with your current employer. "I have free time" is probably not a message you want to be giving them.

 

[Diddums]

Lol. Get back in your hovel, pleb! First thing, which you're clearly wise to is to check your current contract. Some may flat out state you're not allowed another job, but some may state things like you cannot aid a competitor. They could argue that this makes you a competitor...not sure they'd succeed but wouldn't be fun.
Get yourself a Ltd. Company set up. Get an accountant. Strictly anything you're earning through the other job will be at higher rate.

Do ask yourself though, do you value the extra cash or do you value your time?

Until such time that I don't have to work, I prefer money. I'm a bit of a money-skank to be honest.

.

Awww why'd you delete it, it wasn't that bad

Read contract. Perhaps ask them.

Set up limited company. 20mins online. Register for VAT... More of a ballache but allows extra benefits.

Make sure you do a self assessment if you don't already. Accountants will take care of this if you don't want to do paperwork.

Pretty simple tbh.

Limited company is better as you can take more as dividends. Not as good as it use to be, but still good.

I use to contract, but dividend changes meant permie was better... I had to have a very good day rate for it to make it worth not being a permie. IT has changed a lot if your near the top.

I could be doing both, permie for security, contractor for extra. Why would you do limited rather than sole trader? And what are these dividend changes you mention?

Maybe you should have waited to do this before posting the thread? Weird.

Nah it's all good. I can see your concerns but this company is different

I would be careful having any conversation with your current employer. "I have free time" is probably not a message you want to be giving them.

Again, this company is different to most. It's the complete opposite of working for Mike Ashley and considerably more productive / pleasant for it.

 

[Deleted member 651465]

Your contract may prevent a conflict of interest, if you're setting up others to do the same sort of work that you're employed to do full-time.

Check it.

 

[Hades]

Pretty much as above, check contract for restrictive clauses with existing employer (I have to declare any outside work or directorships for example). Make sure you do a tax self assessment so the Inland Revenue can tax you the right amount.

Also once you hit 100k annual income you start losing your personal allowance, making your effective rate of taxation between 100k and 110k as something like 60% on that amount.