Being both employed and self employed at the same time

[jimspeed]

Hi guys I'm employed full time as a mechanic, but do a few remaps on the side (using works equipment with permission) now this has grown a bit and I find myself doing more so want to go on my own with the remapping side of things.
Is it as simple as just registering with hmrc the name of the business and myself as self employed or am I missing something, obviously I'll need to do a tax return each year.
I will remain employed as my main job .
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Hyosung cruise 125(passed test on, sold) Kawasaki el 252 (better than expected but sold on) Kawasaki GPZ500S first "big"bike.(sold) ZZR600 E5..Z750 2007,ER5, currently on a 2008 Enfield bullet electra x and loving it..
,"Alpha-9: Is there any correlation between dyno rod and dyno kits?"

[Nobby the Bastard]

[mentalboy]

Might I ask why you want to go self employed, do you like paying tax?

How is your boss likely to treat your use of his kit if you go legit?
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Make mine a Corona.

[Hetzer]

Why in the name of god would you volunteer the income from extra work to those HMRC scum? Unless you know somebody's likely to grass you up I can only assume you're one of those craven cap-doffing serfs so common in this shithouse of a country.
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"There's the horizon! Ride hard, ride fast and cut down all who stand in your way!"

[jimspeed]

[mentalboy]

[panrider_uk]

I put as much stuff through my business as I can get away with.

You'll be needing a new SLR for documenting your work
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Current bikes: Honda ST1100 Pan European. Moto Guzzi V85 TT Travel

[Diggs]

You can register for self-assessment. Alternatively and possibly more lucrative in your case, speak to an accountant. Depending on your position, he/she may suggest that you form a Ltd Co with yourself and potentially your good lady (assumed) as shareholders.

The trick is to make no profit/pay no tax out of the Ltd Co. Invest everything you do make on new gear, then once you are set up properly, begin to make a taxable profit.
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Now - Speed Triple, old ratty GS550, GSXR750M
Gone (in order of ownership) - Raleigh Runabout, AP50, KH125, GP125, KH250, CBX550, Z400, CB750FII, 250LC, GS550, ZXR750H1, Guzzi Targa, GSX750F, KH250 x2, Bimota SB6R and counting...

[defblade]

Get public liability insurance. (Can be offset against tax)
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Honda Varadero 125cc => Suzuki Bandit 650 33bhp => 77bhp =>
BMW K1200R Sport 163bhp => Aprilia Shiver GT 750 95bhp

[jimspeed]

Thanks guys some good advice here, I will speak to an accountant ASAP and see what is suggested, I will get the right insurance too.
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Hyosung cruise 125(passed test on, sold) Kawasaki el 252 (better than expected but sold on) Kawasaki GPZ500S first "big"bike.(sold) ZZR600 E5..Z750 2007,ER5, currently on a 2008 Enfield bullet electra x and loving it..
,"Alpha-9: Is there any correlation between dyno rod and dyno kits?"