Query About Self Employment

[zahidhsmp]

Dear All
I have a few queries relating self employment in uk after getting HSMP.

1. What actually self employment means? Is it like opening one's own company or bussiness?

2. If it is starting one's own bussiness or company, should it be in the category of skill in which the HSMP is granted? (As if I get HSMP as IT professional should I open some software house etc.)

3. Can such a bussiness or company can be established with parternship of a person who is already settled there?


Please help me in this.

Zahid Mahmood

[Kayalami]

1. Yes

2. Yes

3. Yes - however I believe you should be the major partner. My fellow moderator Joseph01 would be more clued up on this though.

[zahidhsmp]

Thanx a lot Kayalami.
I hope Joseph01 will also give me some information regarding it.

[kfaruki]

Dear Kayalani,

I beg to differ from you regarding the second question i.e., opening up buisness in the same category in which HSMP is granted. For example, if somebody is a sales professional, how can one open up a sales business/or what would he sell. you know it does not make sense to me. To my understanding, one's business should be according to the level of the education and experience and not exactly in the same field.

Thanks

[Kayalami]

kfaruki,

A choice of answers for you:

1. Look at the posters initial query on business/self employment then my response to the same - I believe this addresses your concerns .

or

2. I understand where you are coming from but your's is a rather generic approach. One would have to have sales experience/ expertise in a designated field/ fields which would be of a highly skilled nature .

[Joseph]

Yes, I agree with Kayalami on all 3 points:

1. Yes, self employment is like opening one's own business. It can also include providing consulting services to clients and companies without forming a legal entity. Note that Inland Revenue has strict requirements about self employment, as self employed people end up paying less on National Insurance tax. For example, if you are providing consulting services to a company on a short term basis, and spending most of your time on the company's premises, the company may view you as a short term consultant, but they may still have to treat you as an employee from a tax witholding basis.
This answer may be a little more complicated than you were looking for--my point is that "self-employment" is a pretty wide category, and it increases your options in finding jobs.

2. Yes, if you are an IT professional it could include opening a software house, but it could also include consulting, change management, developing new HR management systems and other activities related to software and IT.

3. Yes, there should be no problem, provided the business has a business plan and, hopefully, becomes viable.

Joseph

[zahidhsmp]

Thanx a lot Joseph for such a detailed answer about the situation.
Is there any website from which I can find some more information concerning the regulations and procedures regarding opening a bussiness or company in Uk?