Tier 1 Entrepreneur work as Sole Trader

[ravimthakkar]

hello
I had my tier 1 entrepreneur extension before few days. and running a business ( As one of the director of company ) . I would like to start another work as a sole trader

1) Is it allowed for me to start new work as a sole trader ?
2) is it allowed to take the income in to my personal account which will be generated from sole trading ?
Can anyone guide me please.

[marcnath]

hello
I had my tier 1 entrepreneur extension before few days. and running a business ( As one of the director of company ) . I would like to start another work as a sole trader

1) Is it allowed for me to start new work as a sole trader ?
2) is it allowed to take the income in to my personal account which will be generated from sole trading ?
Can anyone guide me please.

Yes to both.

[ravimthakkar]

Thanks for the advise.
One more thing,
Currently i am not filing self assessment tax return but company is paying tax as a private ltd.
do i have to declare HMRC as i have become sole trader & start filing the self assessment tax from this year ?

[marcnath]

Thanks for the advise.
One more thing,
Currently i am not filing self assessment tax return but company is paying tax as a private ltd.
do i have to declare HMRC as i have become sole trader & start filing the self assessment tax from this year ?

Yes you need to inform HMRC.