UKC

Hi,
I work full time (permanent, 37.5hrs etc) and an opportunity has come up to do some additional private work. The new venture won't bring in much income initially, its well paid but I won't have much time to give, but if it works I will reprioritise over time.

Basically I'm unsure if I need to set up as a sole trader (or other), or can I just complete the work and complete self assessment tax returns??? I want the simplest solution while I try it.

Also I'm thinking it will be easier to have a separate bank account for this venture, does it have to be a business account (fees), or will a standard account 'do'?

Are there any organisations out there that give free advice on this?

Thanks

In reply to Simonfarfaraway:

Are you planning to move to self employment in the near future? The answer determines the best course of action.

In reply to Andy Hardy:

No, not in the next year at least, I want to dip my toe into private practice and see a)how much work there is, and b) whether it works for me and I enjoy it.

In reply to Simonfarfaraway:

I'd go with payment into your personal account, put x% into a savings account ready for the taxman and declare via your tax return

In reply to Andy Hardy:

Thanks Andy

In reply to Simonfarfaraway:

Also have a look at advice etc here http://www.ipse.co.uk/

In reply to Simonfarfaraway:

Also, check your full time contract. Some employers don't allow part time work, particularly if they pay a monthly rather than hourly rate. Especially if your part time work is in any way related to your full time work.

In reply to Andy Hardy:

thanks

In reply to Jack B:

Thanks, will do