Hi,
I am in the scoping stages of a business idea. If it were to go ahead myself and my business partner would setup a limited company under which we would conduct the business.
My question is about any requirements with the PAYE job that I would continue to keep for the next couple of years at least. What do I need to tell this job about the new company if anything? I am in a permanent role for several years.
How would tax work if my new company where to pay me at some point in the future? I don't care about any division of tax credits, etc. because it will all be at the upper rate regardless.
The new business is in a completely different commerical area so there can be no implication for competition / stealing / etc. Do I need to tell my current employer? What are the implications if I don't? I had a look at the contract and also the detailed code of conduct type form that I previously signed... it has things about not stealing ideas and working for the competition, etc. but I didn't see anything about working for oneself / someone else at the same time.
Any relevant links to research or opinions are most welcome.
Thanks,
Burmo