Thank you for your fast response. Just to clarify for question 3 to ensure I have a full understanding on this:
3. If I do not take wages for the first few months, because we will be PAYE rather than self-employed, is there any problem with that in terms of HMRC? Eg not paying NIC etc.
There should not be a problem.. once you start taking wages/salary you would pay tax and NI on PAYE.
At that point, you should notify HMRC that you have ceased to be self employed and stop paying Class 2 NI.
To clarify, I finished my employed job early January but have not registered as self-employed yet as I was not sure which route to go with the new business (Partnership or Ltd Co):
-I will now be setting up as a Ltd Co from the start based on everything we have discussed (rather than the other route of Partnership first, then Ltd Co later).
So my question 3 above was in conjunction with starting as a Ltd Co straight away. I will not be registering as self-employed now as I will set up the Ltd Co instead but I estimate that there may be 3 months where I do not take any salary. In this event, does that mean there is nothing else to do with regards ***** ***** so I just pay tax and NI based on my monthly salary via PAYE once I do start taking a salary?