Starting a business whilst still employed full-time.

[TotalComics]

I think have got most things into place (which probably means i am a long way off yet  ), now it's time for the 'scary' part.

I am going to be running my business in my spare time, whilst working a full time job 8am-5pm Monday to Friday.
Do i register my business as self-employed, and how would this affect my tax and NI?

Also, should i inform my current employer that i have another 'job'? - I'm not going to be burning the candle at both ends, and I'm not in competition with my employer, so it won't affect me at work. My personal opinion is that i don't need to tell them, just like i wouldn't necessarily tell them if i was selling something on eBay, or doing a car boot sale to sell of my unwanted wares? What do you guys recommend?

[scotserve]

No you do not need to tell your employer but you do need to inform the tax man

[wayzgoose]

I'm not going to be burning the candle at both ends

I think you'll find you probably will be :-)

[donthidethem]

Hi there,

welcome to the forum, I am also in the same boat as yourself. I was worried about telling my boss. But I have spoken to my accountant (don't hold me to this) but your tax code you should not change, well unless you are earning a lot of money.

My rules are that I am not in direct competition with my boss and I am not working on the site in work hours then its ok.

Oh by the way you will be working a lot longer hours. That is what I have found.

[Andy c]

all you might need to do is fill in a cf10 form found on the gov website

[ladyluckjewellery]

I work full time as well as running my business, and even though the 2 are in no way related (business consultancy/jewellery anyone???) I still informed my employer before starting, as it clearly states in our contract that we must inform them before taking on any other work outside of our normal job.

The reasoning behind this is so that we can't moonlight for competitors, so they were fine about my starting my own jewellery business, but I'd check your contract to be on the safe side, and maybe tell them out of courtesy anyway.

I can work in your favour too - the more people know about your business, the more potential customers you have!! I've taken loads of orders from people at work for birthday pressies etc, and am always asked to bring my stock into work each year in the run up to xmas and set up a display so all of the guys in the office can get some pressies without having to bother hitting the high street

Claire

[TotalComics]

I'm not going to be burning the candle at both ends

I think you'll find you probably will be :-)

lol, i do, but usually just because i stare at the computer screen for hours - mostly for no reason at all!!

all you might need to do is fill in a cf10 form found on the gov website

No you do not need to tell your employer but you do need to inform the tax man

Thanks, in the end i got so confused with forms and advise i rang HMRC to be 100% sure!

I work full time as well as running my business, and even though the 2 are in no way related (business consultancy/jewellery anyone???) I still informed my employer before starting, as it clearly states in our contract that we must inform them before taking on any other work outside of our normal job.

The reasoning behind this is so that we can't moonlight for competitors, so they were fine about my starting my own jewellery business, but I'd check your contract to be on the safe side, and maybe tell them out of courtesy anyway.

I can work in your favour too - the more people know about your business, the more potential customers you have!! I've taken loads of orders from people at work for birthday pressies etc, and am always asked to bring my stock into work each year in the run up to xmas and set up a display so all of the guys in the office can get some pressies without having to bother hitting the high street

Claire

I think i shall tell them, but il wait a while to make sure i have as much in place as possible first. (btw mine is a Watch, clock and Jewellery spares/tools supplier during the day, and a comic buyer/seller evenings and weekends!)


Thankyou everyone for your advice!