I know this may have been asked so many times before but here goes....
I am PAYE at the moment and plan to stay that way. I have the ability ot earn extra cash from a business I am establishing. What is my best option for being legit and paying tax? I will never earn enough from the business to make a living but can supplement my income from it. Do I set up as a sole trader and if so what are the advantage/disadvantages to it? How will this effect my PAYE?
Can I just earn from my side line and declare extra income at end of year without being a sole trader? If so how do I do this and how will it effect my PAYE income.
Do I have to reg as a company with CRO?
I estimate I will earn about 3K this year from my side line.