You can be a self-employed sole trader and employed at the same time. So how you work it is up to you.
HOWEVER... you MUST notify HMRC within three months of trading (either taking money or advertising your services) i.e. if you have been paid for freelance work you are now classed as self-employed and must inform the tax people. If not the automatic fine is £100... that's as a minimum... further info on registering as self-employed can be found here.
Tax/national insurance for a sole trader is, in theory meant to be relatively straight forward but you may want to get some professional advice on your finances if you are employed and self-employed. Or even if you're just working for various companies.
There's also a fair wack of info on being self-employed on the Business Link site www.businesslink.gov.uk.
Essentially, it's up to you how you feel most comfortable working but you need to make yourself aware of the legal issues around tax etc. so you don't, for want of a better phrase, shaft yourself.
I'd suggest contacting your local Business Link/Business Advice centre who should be able to provide you with, for free, information on your options.
Disclaimer - this is based on my current knowledge... I seriously suggest you ask the professionals... you should be able to do this for free.
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timeasmymeasure
no subject
Date: 2008-01-20 12:52 pm (UTC)HOWEVER... you MUST notify HMRC within three months of trading (either taking money or advertising your services) i.e. if you have been paid for freelance work you are now classed as self-employed and must inform the tax people. If not the automatic fine is £100... that's as a minimum... further info on registering as self-employed can be found here.
Tax/national insurance for a sole trader is, in theory meant to be relatively straight forward but you may want to get some professional advice on your finances if you are employed and self-employed. Or even if you're just working for various companies.
There's also a fair wack of info on being self-employed on the Business Link site www.businesslink.gov.uk.
Essentially, it's up to you how you feel most comfortable working but you need to make yourself aware of the legal issues around tax etc. so you don't, for want of a better phrase, shaft yourself.
I'd suggest contacting your local Business Link/Business Advice centre who should be able to provide you with, for free, information on your options.
Disclaimer - this is based on my current knowledge... I seriously suggest you ask the professionals... you should be able to do this for free.