Forum

• # 73655
• Tue 16 Aug 2011 01:03 PM

Hello Everyone

I was just wondering if someone could help me. If I had a full time job and set up my bookkeeping business at the same time as a Sole Trader and employed someone to work for me instead whilst I was at work. Would i be allowed to do so and would I get taxed considering i would already be paying tax working full time myself.

Kind Regards

Zoe

• 
  Quote
  

• # 73658
• Tue 16 Aug 2011 02:30 PM

Hi Zoe,

The tax you pay on your wages through PAYE will not change.  However, any additional money you make will need to be taxed on top of that.  The good thing though, is if you make a loss on your business you can offset that against the tax you have paid as an employee.

Kris  

• Kris McCulloch
  www.ayrshireaccountancy.co.uk
  
  Winner - BKN Most Innovative Accountancy Firm 2012
  
  Latest Blog Post: Bookkeepers Award 2015

• 
  Quote
  

• # 73684
• Wed 17 Aug 2011 02:09 PM

Hello

Thank-You for your replies. Just a quick question regarding the fact that if I employed someone they would have to be registered as well. Would it be possible for me to be registered by ICB and whoever I employed to be registered with HMRC? for the MLR etc.

• 
  Quote
  

• # 73687
• Wed 17 Aug 2011 04:21 PM

Hi James

So just so I am completely clear as long as I am registered for MLR with the ICB and have a licence. My employees would be covered? as Ami said they would need to be qualified with the ICB??? this led to a bit of confusion 

• 
  Quote
  

• # 75585
• Mon 24 Oct 2011 01:21 PM

Hi James

I'd like to jump on this topic and seek some advice too please as I am considering my options at the moment. I am pregnant and will be having my baby in February 2012. I am currently speaking to a few people who will potentially be able to cover for me whilst I take some maternity leave. As I understand it my options are:

1 To employ someone as a bookkeeper on an employed PAYE basis. If this is the case then they are covered for MLR as it is my company offering the service and invoicing and not them personally. I would have them register as a student of the ICB.

2 To subcontract bookkeeping services to someone else who invoices me direct. In this case then they have to be MLR registered in their own right. Do they have to be registered with the ICB and have their own practice licence or can they register as a student and operate under my practice licence or is this only for option 1?

Any advice and pros or cons would be appreciated,
Clare
 

• Bruton Young Bookkeeping
  
  

• 
  Quote