Harvest Moon
Registered User
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- 1
I am looking for some information regarding doing some consultancy/project management work (as a sole trader potentially) while still retaining my PAYE employment.
I have been offered a 6 month contract to manage several projects and give some professional advice to a company – I can do this on a part-time basis and I am keen to take up the offer. My idea is that I would take part time unpaid leave from my current role (there is nothing in my contract to stop me doing so), allowing me the time to complete the project within the 6 month timeframe.
The company offering the role does not currently have any employees (it is a management company for an estate) and does not want to go down the route of becoming an employer.
I have many questions (and I do intend to consult an accountant) but I wanted to get an idea of whether this is viable or not before I commit to any outlay.
- My PAYE employment would obviously still be paying me on a part-time basis. How do I calculate my income tax for self-assessment purposes from “sole trader” role?
- I don’t foresee myself looking for other contracts as a sole trader while completing this project, but would be using this time to see if it is a viable business option for the future – will this create a problem for my sole trader status with Revenue?
- Regarding VAT – should I register or not?
- I will be conducting the work from my home – there will be no goods to house and no change in layout etc. Do I still need to inform the council?
- What else should I consider before agreeing to this role?
On a personal level, if this role did work out and I could take it up whilst retaining my PAYE status in the short-medium term, it would offer me a far better quality of life from a commuting perspective etc. It would also give me the opportunity to see if it is something I want to pursue on a fulltime basis. Is it worth the risk, or are there too many reasons not to?
I have been offered a 6 month contract to manage several projects and give some professional advice to a company – I can do this on a part-time basis and I am keen to take up the offer. My idea is that I would take part time unpaid leave from my current role (there is nothing in my contract to stop me doing so), allowing me the time to complete the project within the 6 month timeframe.
The company offering the role does not currently have any employees (it is a management company for an estate) and does not want to go down the route of becoming an employer.
I have many questions (and I do intend to consult an accountant) but I wanted to get an idea of whether this is viable or not before I commit to any outlay.
- My PAYE employment would obviously still be paying me on a part-time basis. How do I calculate my income tax for self-assessment purposes from “sole trader” role?
- I don’t foresee myself looking for other contracts as a sole trader while completing this project, but would be using this time to see if it is a viable business option for the future – will this create a problem for my sole trader status with Revenue?
- Regarding VAT – should I register or not?
- I will be conducting the work from my home – there will be no goods to house and no change in layout etc. Do I still need to inform the council?
- What else should I consider before agreeing to this role?
On a personal level, if this role did work out and I could take it up whilst retaining my PAYE status in the short-medium term, it would offer me a far better quality of life from a commuting perspective etc. It would also give me the opportunity to see if it is something I want to pursue on a fulltime basis. Is it worth the risk, or are there too many reasons not to?