I am currently a partner in a firm that is making around £120k of distributions to me per annum on which I pay income tax and NIC under my annual self assessment. I have no other income. I now need to bill a company directly for consulting services. I assume I can do this just as a sole trader which does not change my status with HMRC ad this income would again just be declared on my self-assessment? Am I allowed to be both a partner and a sole trader? Is the income from the 2 treated identically?
since i need the cash and do not have an liabilities in my sole trader role there seems to be no advantage of the limited company route.
Thanks for any advice
Mike
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