Starting a business while still employed

Yes it's easy (as long as your current employer doesn't have rules against it).

I registered self-employed whilst still in full time employment and the paperwork wasn't too onerous.  Basically just a self assessment tax return each year.  There are useful guides on HMRC website.  Might get more complicated if your business grows and you employ people or go above the VAT threshold.

what kind of business and what is your current job?

MadDogs 06 Jan 13 10:52 Joined: 24 Mar 12 | Topic/replies: 953 | Blogger: MadDogs's blog
what kind of business and what is your current job?

Well you might not believe it but electrical

I've been doing the odd job here and there for cash. I'd like to take it to the next step and have my own company.

Am i right in saying that i would need to:

1. register a name at Companies House?
2. register as self employed?

Although what would i gain from doing any of this apart from it being a start.

Jan 6, 2013 -- 10:52AM, MadDogs wrote:

what kind of business and what is your current job?

It's one where you can get the 3K Govt loan and use it on here

If its only you involved in the company you could consider being a sole trader rather than registering with companies house.

My neighbour, opposite, who we were good friends of back in the 70's, did just that.

He was an office supplies rep at the time.

Not only did he sell into his employers accounts, but he ripped of materials too.

He is now a millionaire, with several branches, and a distribution warehouse.

Shocking!!!

Steve Voltage

Well you might not believe it but electrical

I've been doing the odd  job here and there for cash.

Just register as a sole trader, anyone who has started doing cash in hand jobs with never go fully legal.

1. register a name at Companies House?
2. register as self employed?

Just #2. All it takes is a call to your local HMRC. As said #1 is only needed if you're going to become a limited company.

As berto77 says, if your current employer has rules against it (and finds out), you could lose your job. Said rules might depend on whether or not you would be competing with your employer.

Form CWF1 to register for SE.

don't think employers can prevent you from working for yourself in your own time, I think it is only holding down a job with regular hours because this might interfere with your full time position (you might not be able to cover for sickness or work in another location because you need to be at home for the second job)

yes just register as a sole trader, I did this when I was employed in an outpatients department at the hospital and had a private therapy business at the same time

^^^ Most employers have this in contract of employment (conflict of interest)

So if you become a sole trader and you do not need to register at companies house, can you within reason name your business anything you like even though the name may be used elsewhere?

My company has a clause in my contract which says I cant do business which be in competition with the firms business.  Dunno if that would stand up in court but it is defo in the contract.

Jan 9, 2013 -- 8:51PM, Steve Voltage wrote:

So if you become a sole trader and you do not need to register at companies house, can you within reason name your business anything you like even though the name may be used elsewhere?

Yes within reason.  The key thing is to make sure your name isn't breaching trade marks etc.  A useful guide is available here:
https://www.gov.uk/set-up-sole-trader

I think you will need insurance as well.

I'm Ltd, and need Public Liability, Professional Indemnity and Employer's Liability (that is technically not needed as I only employ myself, but it comes packaged).

I pay £178 a year in IT, but I reckon working with electricity might cost a bit more!

You’ve got to laugh at the hypocrisy!

Brilliant kenbo, falling about here.

I thought you’d appreciate that one.

How can I remember a thread from years ago, yet can never remember what I watched on tv the night before?

Clearly failed, or bottled it, hence the other thread 

Exactly. Stay on the safe track and let your employer take all the risks (any money if it goes well).

Any price on the ‘cash’ he earned being declared?

and money

Still jealous and bitter after 7 years 

Decided against it as I have morals

Jesus, I was giving advice on this thread back then too

When all this is over I'm going to start a tax thread for chit chatters and charge £50 for advice per inquiry, should cover my football accas going forward

Plenty of self employed jobs that are not full time. I retired at 56 after selling my main business but had consultancy and survey work for the next 10 years as well as a small holiday let business at home. I luckily carried on paying the minimum self employed NI charge which is essential even if you only have £1000 a year of self employed income as it entitles you to the full state pension.

I only realised about eight years ago that we got a state pension

The rules are different now but I think you still need some sort of qualies. It was 45 full years of NI when I retired. I was one short and that cost me 2.5% of my pension.

To get the full basic State Pension you need a total of 30 qualifying years of National Insurance contributions or credits. This means you were either:

working and paying National Insurance
getting National Insurance Credits, for example for unemployment, sickness or as a parent or carer
paying voluntary National Insurance contributions

If you have fewer than 30 qualifying years, your basic State Pension will be less than £129.20 per week but you might be able to top up by paying voluntary National Insurance contributions.

https://www.gov.uk/state-pension/eligibility

Are you sure about that 45 years?

Finish sixth form, got to University, and there isn't 45 years left before you get to 65.
Even less time for women when their retirement age was 60.

I will get one sageform, just unaware for a long time. Used to peeve me that they took class 4 when I never got dole or sick pay, didn't realise it was for a pension also.

Angoose 27 Mar 20 13:31 

If you have fewer than 30 qualifying years, your basic State Pension will be less than £129.20 per week but you might be able to top up by paying voluntary National Insurance contributions.



Proper bargain topping up, my brother did it after 25 years abroad, buying money.

Mar 27, 2020 -- 2:31PM, Angoose wrote:

To get the full basic State Pension you need a total of 30 qualifying years of National Insurance contributions or credits. This means you were either:working and paying National Insurance getting National Insurance Credits, for example for unemployment, sickness or as a parent or carerpaying voluntary National Insurance contributions If you have fewer than 30 qualifying years, your basic State Pension will be less than £129.20 per week but you might be able to top up by paying voluntary National Insurance contributions.https://www.gov.uk/state-pension/eligibility

that only applies to people who retired before 2015 and also ignores the second state pension.  The post 2015 situation is very complex.

saddo  this topping up how much will/did it cost yer brother   per year of not having paid the ncs ?thanks

i was a carer for 18 years and didnt know about paying nics ,will i have to top up?

You can check your record online

https://www.gov.uk/check-national-insurance-record

thanks angoose

FOYLES, I think he paid 3 or 4k, will be paid back in 18 months of increased pension. Retired 2018

think the actual figure is about 3 years saddo, but still a great deal

Sorry. I pressed ‘post reply’ by mistake!

Up the Subbies... Free Booze money on its way...

Regarding, Wounded.

Damned auto correct.

Reg, not regarded!

If your new self employed business idea sounds like a winner I will chip in Dragons Den style.