Full Time Worker with eCom Website

jbdub

Hi,

I was hoping to get some help on an income tax query.

I currently have a full time job but will soon be setting up an ecommerce website which I hope to gain additional income from. It's tricky because i'll need a merchant bank account and to get that you generally need to be a sole trader etc.

My query is how I go about paying the relevent taxes as I plan to keep my full time job and do not want to set up as a Sole Trader(if possible).

Any feedback/advice much appreciated.

Thanks,
J

srsly78

You will have to set up as something. This does not impact your fulltime job tho, you can be a paye worker and a sole trader. Start by talking to an accountant, most will give a free initial consultancy.

mikey767

You will need to register for Income tax using form TR1. Once you have this done, you'll just have to keep records of your income and expenditure. You will then be required to prepare accounts for the trade and file a form 11 each year before the 31st of October. Your employer wont know that you are a sole trader unless of course you tell them. An accountant or tax advisor will be able to help you with everything. PM me if you need any other help.

jbdub

thanks for replies, i'm currently talking with mccarthy accountants