Wondering if you can be self-employed and employed at the same time? Many people choose this form of employment! Our accountants for small businesses are experts in this area.
We have years of experience in delivering quality chartered accountancy services to a variety of industries. The question of employment is often confusing! A Glasgow accountant from The Kelvin Partnership is here to guide you through employment status issues, if you have any!
What types of employment can be combined?
Without any legal issues, there are many different forms of employment you are able to combine! For example:
Sole Trader (self-employed) – Self-employment means you work for yourself, not for an employer. This type of employment is common across many different professions, you can be, for example be a self-employed designer, plumber, architect etc.
Contractor – Works in a similar way to a self-employed sole trader, but will usually be working for a certain business long term.
Employed – Simply means you are employed by a certain company. This business have an employment contract with you and it is their responsibility to manage the financial aspect.
Limited Company Owner – Similar to being a sole trader, though can be more complex and larger. However, owning a limited company is different in the way earnings are given they are normally paid out though the company and not directly to the individual.
No matter what your position of employment is, our accountants here at The Kelvin Partnership will offer any service specific to your needs!
“Fantastic professional service from a company that actually likes people! I’ve been with The Kelvin Partnership for over 20 years and stayed with them when I …moved to Fife about 15 years ago. They have my full endorsement and recommendation. The support they have provided to myself as a self employed person has been first rate – and their standards have not dropped one bit over the 20+ years.”
Are there legalities of being self-employed and employed?
Any form of income you receive – combined with other forms or not – is completely fine with the government! As long as you remember to inform them of the type of income you are receiving. If you are unsure about what income information you have to tell HMRC, our accountants for small businesses can provide the appropriate guidance. Want to know more about changes to tax? Our last post has all you need to know about changes to tax for 2017!
Benefits of being self-employed and employed
People across many professions recommend a combined employment status!
One of the main reasons is because of taxation. Tax relates differently to varying forms of employment. In a position to consider you employment options? A combination of employment certainly could save you money! Our accountants for small businesses are always available for a meeting if you are considering a different employment options.
Also, starting your own business in an area you love is ideal for your mental well-being and lifestyle. Having your own business, no matter how big, alongside another form of employment can be a great stress reliever! Also, this will give you an extra sense of accomplishment and motivation.
If you are considering your status of employment and would like some advice, our accountants for small businesses are always available! Contact us here.