UK new career accounting decision


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Hi I need some help. I am based in UK. I changed career from computer repairs and web design to becoming a management trainer, the training company is registered as a limited company and am the director but sometimes I get contracts from old career and I might look for temporary job when training company which is new is not making enough money. Should I register old career as sole trader or make myself self employed or what pls advice. Thanks.
 
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Apr 12, 2012
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i think the best way for you is to do ur own sole trader business as u have expertise in that and u can devote ur full time to ur business.
 
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If you still get inquiries about your old business, still have the time, and could use the money - then absolutely I would still service those inquiries. However, it could make sense for you to eventually refer those out and keep a referral fee, or hire someone to do. You don't always have to stay caught in the middle doing the work.
 
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I would put the income from both sets of work through the limited company and then make sure you offset as much profit as possible with genuine business expenses to reduce your tax bill. In the current economic climate diversification is a good thing.
 

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