Is it Possible to Be Employed and Self-Employed at the Same Time?

Is it Possible to Be Employed and Self-Employed at the Same Time?

Have you considered converting your hobbies into a source of income since shutdown or even before? If that's the case, you're undoubtedly wondering what it's like to be employed and self-employed at the same time.

Whether you're selling eyelashes on Instagram or second-hand sofas on Facebook, the majority of individuals these days have a side hustle.

If you've ever launched your own business, you'll understand what it's like to be both employed and self-employed. If you haven't done so, you'll have a million questions.

I'll answer the ultimate question in this article: can you be employed and self-employed at the same time? I'll go into detail about what you'll need to do to get there.

Is it possible for me to be employed and self-employed at the same time?

Yes, you certainly can! You can work for someone else and be self-employed at the same time.

If you work for an employer during the day and run your own business in the evening, this is an example of this.

The only thing that changes is that the money you receive from your job will be taxed through PAYE, while the money you earn from your own business will have to be declared via a Self-Assessment Tax Return.

What methods are being used?

Working for a company with its own payroll and being on that payroll is what it means to be employed. If you work for Primark, for example, they will become your employer and you will become their employee.

If most of the following statements are true, you are most likely an employee: If you work most days of the week unless you're on vacation, such as during the summer, ●

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If you work full-time, this should be 5.6 weeks per year; if you work part-time, it should be the number of days you work times. For example, if Charlie works four days a week, the answer is 4 x 5.6, or 22.4 days. You should double-check with your company to see if a bank holiday is included.

Sick leave - If you want to take sick leave, you'll need to present a doctor's note stating that you're sick.

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Maternity leave - All you have to do to claim maternity or paternity leave is notify your employer at least 15 weeks before your due date, but you can use it anytime you choose; if you wanted to take it immediately at the start of your pregnancy, you could.

What does it mean to be self-employed?

When you are self-employed, you own and operate your own firm. You might, for instance, bake cakes at home and sell them (becoming an entrepreneur). By becoming self-employed, you accept all responsibility for the company's success or failure.

You will not be paid through the PAYE system and will not have the same employment rights as someone who is employed if you choose to become self-employed.

If any of the following apply to you, you are self-employed: You are the sole proprietor of your company and are alone responsible for its profits and losses.

Claire, for example, creates and sells earrings on Etsy; if the laptop she uses to assist in the company breaks, she will be responsible for the cost.