so let me rephrase this ..Beeroclock wrote:Do you need the second EP? I mean if the ltd co is owner by you, can leave the money in the company or draw a directors fee, instead of employing yourself and taking as salary? Just a thought I'm not an expert on this, maybe some others will comment. Of course you would need to make sure such arrangement suitable with your employer and doesn't breach contract or EP terms.
yes agreed it needs careful checks and declare any potential conflicts of interest to get employers permission, regardless of how you structure it. I was just trying to point out if going to the bother of setting up a company for this, then why is the second EP still necessary.ecureilx wrote:so let me rephrase this ..Beeroclock wrote:Do you need the second EP? I mean if the ltd co is owner by you, can leave the money in the company or draw a directors fee, instead of employing yourself and taking as salary? Just a thought I'm not an expert on this, maybe some others will comment. Of course you would need to make sure such arrangement suitable with your employer and doesn't breach contract or EP terms.
I work for company A, but am a director in Company B, and will channel my work to Company B (my own company .. )
Is it legal ? I don't know
Do you have to notify company A of your private venture ? YES
Will Company A agree to you freelancing if it is a related industry ? NO
Will company A agree to you freelancing, if it not a related industry ? Mostly likely - still NO
Will Company A use this as excuse when they find out, to kick out you ? Damn sure 99% companies here will do it .. unless you are the most and only talented guy in the company
are you answering OP or throwing a new question ? I am a bit mixed up ..martincymru wrote:If I have 2 part time jobs, both Employers fully aware/agree, will this mean 2 EP's?
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I have no experience in these matters but I understand that I still need an EP from the newly set up Ltd Co.
Btw My new Employer has ageed for me to set up my own Ltd Co and do freelance work 2-3 days per month (as employee of the newly set up Ltd Co.) for another unrelated Company.
The reason for my posting is that if, for whatever reason my new Employer is unable to obtain an EP for me (application was submitted last week) then I can fall back onto the Ltd Co (as Employee of) since the new Employer (now Client) may be prepared to engage me on self employed basis.
he is the OP..... ecureilx's warning is very valid, refer also hereecureilx wrote:are you answering OP or throwing a new question ? I am a bit mixed up ..martincymru wrote:If I have 2 part time jobs, both Employers fully aware/agree, will this mean 2 EP's?
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I have no experience in these matters but I understand that I still need an EP from the newly set up Ltd Co.
Btw My new Employer has ageed for me to set up my own Ltd Co and do freelance work 2-3 days per month (as employee of the newly set up Ltd Co.) for another unrelated Company.
The reason for my posting is that if, for whatever reason my new Employer is unable to obtain an EP for me (application was submitted last week) then I can fall back onto the Ltd Co (as Employee of) since the new Employer (now Client) may be prepared to engage me on self employed basis.
btw, working as 'self employed' for one company while under another company's pass - is - ILLEGAL
same for freelancing while in EP ..
and just that a lot of people are doing it doesn't make it legal ..
martincymru wrote:My Employer informed me 4 hours ago that my EP is approved.
Let's say I wish to set up, in addition to the above, (as a Director or employee) a Ltd Co then can I do so?
(ignore hours per week/income etc. - I could be passive so to speak).
I am a little confused as to whether this is possible (note "possible" is phrased by me as "legal/bona fide" so no need for me to expressly state this fact, especially on this forum!).
I explored this with my then employer, before I got out of EP .. well, the employer wanted to cut 50% for admin cost .. yah, I know, a 2 $ company with 5 head count, saw me as another revenue stream ..Strong Eagle wrote:There is one other, legal alternative. If the company that got your EP is OK with you freelancing, have them do the invoicing and then remit the proceeds to you.
They get a bit of extra business... admittedly at low margin unless they stick it to you, and you get paid through your EP company. I wouldn't body shop someone like this for less than 25% of the proceeds, though.
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