Full time work and self employed on side, tax?

[Toneyz]

Agree 100%. Do not set up as a Ltd company.

Is that because he will be better off as a sole trader?

 

[electric al]

sole trader ? already expanding into the footwear game as well huh

 

[Toneyz]

Deleted

 

[electric al]

not at all

 

[Chris]

Rather that than a soul trader

 

[Nigel]

Is that because he will be better off as a sole trader?

Just because being a job on the side I doubt he will have the turnover amd profit to cover all the overheads.

 

[rolyberkin]

There are definite advantages of having a Ltd company over self assessment if you are also self employed. These include being able to bring all of your personal tools and van etc into the company and potentially by doing so write it off against tax you have already paid as PAYE by way of a tax rebate, tax free shareholders dividend, liability remaining with the company. If self employed and running a ltd company you are unlikely to pay any tax if you and another person (partner) are company directors, you could draw 10k tax free every year.

 

[Nigel]

There are definite advantages of having a Ltd company over self assessment if you are also self employed. These include being able to bring all of your personal tools and van etc into the company and potentially by doing so write it off against tax you have already paid as PAYE by way of a tax rebate, tax free shareholders dividend, liability remaining with the company. If self employed and running a ltd company you are unlikely to pay any tax if you and another person (partner) are company directors, you could draw 10k tax free every year.

You also need to do a self-assessment as a company director.

The second part of your post you can do both as SE or Ltd.

Nobody, regardless of Ltd, PAYE or SE has to pay tax on the first £11,850 they earn in a FY.

 

[Chris]

Okay interesting points guys, someone who worked as agency in my company had himself registered as a LTD company and he seemed to pay only a fraction of what i paid as PAYE.
i may have to start another thread to see everyones opinion!