Starting a business on the side whilst still working for an emloyee!

Hi Nick,

Im in the same situation, and i would say there are many others out there. For me, its pure financial security at the moment as my full-time job pays the mortgage and bills ! I invented a new innovative wirless product last year and since then all of my own money has been spent on pure development to prove the concept. To be honest, i was also worried about what i would legally need to tell me company, so instead i setup a Ltd company and used my mum as a Director and one of my colleagues father-in-law as the Secretary., That way i'm not linked via Companies House. When the time comes, the Secretary wll resign and i will take the place, and my other colleagues will become directors.

As the company is not bringing in any form of income, the Secretay and Directors are not paid, so hopfully it should be just a matter of filing dormant accounts and the usual Annual Return..

My understanding is that you are not under any legal obligation to tell your employee about any other interests (unless is poses conflict of interest ?) - someone maybe able to clarify this matter ... My potential issue is that my current ful time job is home office based which involves being out 3 or so days a week, and a few days on the road. The company could question what i'm doing during my 'woking from home' time ! In terms of the what my idea is, there is no conflict with my current employee.

Good Luck for the future !

Pete

Guys

I believe lots of people carry on working while starting there own business, I know I am. A friend of mine has also done this and she is an accountant and a useful tip she gave me was avoid two wages (i.e your employee wage and take money out of the business as a wage), it is far more tax efficient to let your business pay you a dividend only which is taxed at 20% rather than income tax and NI. if your business takes off, you could find yourself in the 40% income tax bracket before you know it and that could be expensive. My advice is talk to your local inland revenue office, I found them really helpful and were really good at providing advice on how not to pay to much tax and generally there advice is free

thanks

Martin

Hi Nick,
I feel this is a common problem and needs to be addressed in more detail!!!
Do you quit your job and go Fulltime? or do you wait until your business income overtakes your job income? only you can fully anwer that question?
I have just been told that I am going to need at least £20k more like £40k (of which I do not currently have!!) To cover my premises,computers,rates.staff etc and that I should work fulltime and start my business part time by a very successful entrepreneur!!!
I want to start my own Training College or School within a niche area.
However I have also just secured a 3- 6 month contract (ie 9-5pm). As I am a freelance payroll consultant
So I am going to start doing the classes on the weekends (maybe 2 saturdays a month) to see if there is a demand!!! I am also currently studying a course that will give me more credibility
what you might want to do is?
1.write out a weekly schedule on where you time is spent?(maybe you can release at least 10-20 hours to invest in your own business)
2. Have you got an answering machine that you can take messages?
3. You could also divert the calls to your mobile from your landline?
4.You also need to look at the long-term as the future has a tendency for coming around quiet quickly!!!
5.Can you put it online or promote by other means?
6. Have you writtten a business plan?
If you really feel this is THE BUSINESS TO BE IN then go for it?
Don't give up!!!
Rajesh Malhotra
RMalhotra Consultants

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