Uk employment and vat rules ?
I want to start my own side business along side my current job
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
- TavyLv 72 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.
- STEPHENLv 72 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.