Limited Company and working full time for another company (possible?)

[ITprofession]

Hi,

I need some advice. I have recently started trading with my limited company (IT) and have just completed 2 small contracts in excess 10K.

I am finding it difficult to get contract work at this moment and obviously I need some sort of income (Pay rent, bills, food etc...)

Getting a full time job elsewhere, would be a bit easier for me which brings me to the following question:

Can a person who is a director/owner of a limited company work for another company has a permanent employee ?

If yes then how to you separate all of this?


I need some sort of security cushion as things are not looking great in the country.

Cheers,
ITprofessional

 

[dontaskme]

yes you can. If you are an employee tax is deducted as paye and you would have to file separate tax returns for your company. You could also consider a contracting agreement where the employer pays your company directly and you look after all your own tax returns. You should probably talk to an accountant if you want to do that.

 

[NumbrCrunchr]

To answer your question, dontaskme is correct. You will still need to look after your company (file accounts and annual return with cro, corporation tax return) and file a personal income tax return (your employment income with new job will be included on this). Our firm does accounting for contractors but doesn't look like this is a requirement for you.