Set up ltd for 2nd income

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smileyface replied

11 March 2015, 15:56
Thanks to all for your helpful advice.
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northernladuk replied

9 March 2015, 20:43
Good article on the whole second job thing on the crunch website here..

http://www.crunch.co.uk/freelancer-a...-need-to-know/
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VectraMan replied

9 March 2015, 20:09
At the risk of answering the question : 1. Yes. 2. Not at all.

Just pay yourself out of dividends from your company as and when you feel like it and declare it on your self assessment.
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eek replied

9 March 2015, 20:00
Originally posted by SueEllen View Post

If s/he isn't in competition with his/her first job it shouldn't be a problem.

I wouldn't want to bet on that. I've seen consultancies grab money from staff that had absolutely nothing to do with them...
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SueEllen replied

9 March 2015, 19:52
Originally posted by eek View Post

and a lawyer to check what the terms and conditions of your day job allows you to do....

If s/he isn't in competition with his/her first job it shouldn't be a problem.
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eek replied

9 March 2015, 19:33
Originally posted by northernladuk View Post

Has one thought about a face to face with one's accountant to see what options are available to one?

and a lawyer to check what the terms and conditions of your day job allows you to do....
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northernladuk replied

9 March 2015, 19:32
Has one thought about a face to face with one's accountant to see what options are available to one?
Most will do a free consultation so you can explain the situation and amounts and come up with a plan.
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smileyface started a topic Set up ltd for 2nd income

9 March 2015, 19:25
Set up ltd for 2nd income

Normally one would set up a limited company and channel all the revenue to it.

However, if one already has a first job (PAYE) but also has a second income from another source, is it advisable / possible to set up a limited company and channel all of the second income into it?

If so, how does having the first job affect things, in terms of tax-free allowance, NI, etc.?

Thanks
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