Anonymous
Anonymous asked in Business & FinanceTaxesUnited Kingdom · 2 months ago

Uk employment and vat rules ?

I want to start my own side business along side my current job

Three questions 

Soletrader/registered business I only want to sell stuff on amazon/ebay and keep the profits

Vat - is that vat paid on profit over £85000 or all sales unlikely I'll reach those figures for a while if ever but worth knowing before I'm stung with a bill or accused of tax dodging

P60 - for any income I may declare will this be visable to my current employer at the end of the tax year I don't plan on trying to compete with the company but do plan on using suppliers theyve passed on and would rather them not know I'm working on side projects 

Any help greatly appreciated 

Any furthur help appreciated more 

2 Answers

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  • Tavy
    Lv 7
    2 months ago

    If you don't go over the VAT limit then you don't have to register for it, you do however have to register as self employed. This is completely separate from your PAYE and your employers will not be told.

  • 2 months ago

    VAT is paid if TURNOVER exceeds the VAT threshold. Profit has nothing to do with it.

    As for your P60, there SHOULD be no way that your current employer learns anything about your side job, but don't rely on it. HMRC is utterly incompetent and it is perfectly possible that they'll write to your existing employer about your other job, especially if you're using common suppliers.

    • Tavy
      Lv 7
      2 months agoReport

      They can't write to his employer, his info is private.

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