Yes I work part time and I pay tax through PAYE
Ok, so just to clarify;
I can register as self-employed online and leave my current arrangements at work as-is. Let them automatically deduct my tax and national insurance, and then at the end of the year when I declare all my earning to HMRC they can bill me for the tax from my own business?
I will also not need to charge VAT to my customers unless I have a revenue of over £79,000 per year? How does this affect the claiming back of VAT on my purchases for the business? How would I even go about doing this?
Also would I need a separate business account for all business related transactions? Or can I use my personal one?
Also is there any recommended way to account? Any tools or utilities or can I do it manually very simply?
Thanks a lot for your help so far
Lovely thanks a lot