Part time Limited Co/contracting while working full time

[Steve1976]

Hi all,

I want to set up my own limited company to undertake some consultancy work. I am however in full time employment, and not sure the best options as I've heard having my own Ltd Co would be better than an umbrella Co.

I am not likely to earn a lot of additional money within the year (less than £5000).

Has anyone any advice?

Many Thanks
Steve

[oraclesmith]

Maybe the costs would be more, but in your position I would go for a limited company.

You should be able to get all your money from your limited co without paying any tax and the annual returns etc would probably be very simple with just a few costs and one annual salary payment, so you could maybe get a local (cheap) accountant.

You will need to do a self assessment tax return, which you may not need to do at present. Also, you should check your permie employment contract allows you to do this. They might insist you declare any additional employment to ensure there is no conflict of interest, or ban it altogether.

An umbrella would probably require your P45 so might not be able to cope with your dual salary situation.

In my opinion.

[OrangeHopper]

You could simply add the additional income to your tax return. Obviously, you will save some of the additional income to cover the tax.

Easier to have a word with the Inland Revenue or an accountant.

[ASB]

Cheapest - if you can get your clients to accept it - is to register as self employed and simply send the clients a bill. Submit on your tax return in the normal manner.

[pickle]

<5k!?

Just ask the client to write you a check and stick it in the bank.

[TheRightStuff]

<5k!?

Just ask the client to write you a check and stick it in the bank.

cash in hand. Lovely Rodney or is it Ronney.