Self employed but now paye

[Inverness]

hi guys, I'm needing advice.. I'm self employed for a few months but I was offered a job where I couldn't refuse and I was going to keep my business still open and focus on smaller job e.g. Boiler servicing..
Can I close down my business and still keep my public liability updated and still do gas work?
as I'm only keeping the business open for my gas ticket. Any advice appreciated it!
The next question my business becomes my second income and I don't make that much money.

 

[Harvest Fields]

If you are keeping your gas safe and doing certs then you will need to give receipts and pay tax. So I would keep it open mate.

 

[Murdoch]

What does your new employment contract say about you doing a 2nd job?

In essence you keep your SE business running, all the paperwork, all the receipts and you will have to do a tax return ...

Don’t forget to save from your 2nd job, your tax and NI liabilities ...

 

[Inverness]

It's ok for a second job nothing states.

 

[rpm]

Keep it open and ticking over as a second income for now, you don`t have to rush this.

 

[SimonG]

Keep all your options open.

 

[Inverness]

Cheers guys!

 

[rpm]

Even if you don`t do any work for yourself you can still keep the business and bank account open.

 

[king of pipes]

I would keep it going mate no reason why not and should your circumstances change your back up and running again straight away . Kop

 

[ShaunCorbs]

Your new job you self employed with that or employed direct ?

 

[Deleted member 32524]

Just stop advertising and do homers for your existing base. Means weekend and evening work. Ser how employment goes and review again in 6 months. Still need to declare earnings or lack of them from business. Spend the money you earn on homers that you put through your business on tools you may not have, like good core drill, impact drivers, good hand tools etc etc as they are allowable against tax so, over the next months get yourself booted with the best of gear that will last if you decide to go self employed again. All depends on how comfortable you get in job and the guranteed income every month or.....back to SE. Once your insurance and gas safe registration are up for renewal you may decide to cease trading at that point? Already paid for up to then.

 

[Pickwickpick]

Don't deregister as a soletrader/self-employed as you will still be S.E. even though you are also salaried.

What you will find is that HMRC put you on a second job tax code on your new job (iirc they always do this automatically if you are currently self employed, even if the PAYE job is going to be your main job). If you check out your first pay check it will have the code BR on it if they have done this. You only get your £11k tax free allowance on your main job, which by default will be your self employment, so there will be no allowance for this on your PAYE job. If you call up HMRC you should be able to get them to switch things over so that your PAYE job is designated as your main job, they might require some kindof evidence for this (e.g. contract).

If you've got an accountant I'd have a chat with them about whether or not to switch your main job allocation over with HMRC. If you do your own books I can send you some more info over.

 

[rpm]

Keep it open and ticking over as a second income for now, you don`t have to rush this.

So what did you "dislike" Rob?