Employed but self employed?

[HayleyMHair]

Hi I hope somebody can help me and give me some advice!
I'm a hairdresser and have been in the same salon for the past 10yrs employed on a 40:60 percentage split with my employer.
In the last couple of weeks I have dropped 1 day at this employment to join one one of my closest friends who has opened up her own salon. She wants me to be self employed with her but still having a 40:60 split so I use all her products/colours etc. (We decided me being there one day a week it would be pointless for me to supply all this for myself)
I am just trying to get my head around the self employed thing basically. Having never had to do this before I don't know where to start! Also is it even possible with me still being employed at another salon for the majority of the working week?
Just to clarify - at one salon on a Monday. Day off on Tuesday. At my current employed salon weds-sat.
Can anybody give me any advice on what to do and where to start? I have just created an account on HMRC but am stuck on what to do next.

Thankyou!

 

[AcidPerm]

Have you got a bit muddled up as you say you are on a 40:60 split with your employer for the last ten years?
Do you get payslips?
Do you get holiday pay and sick pay if you're unwell and unable to work?

 

[HayleyMHair]

Yes, my takings are totalled up at the end of the week and he takes 60%. I have a set "basic" wage, if the remaining 40% is over than basic I get that, If not, I get my basic set wage.
Yes I get payslips and holiday pay etc.

 

[AcidPerm]

Sounds like he's paying you a basic wage plus commission.
Is your basic wage above the national minimum wage rate?
It's not a problem to be employed part-time and self employed on other days.
I think you should ring HMRC for advice on how to set up the paperwork. They are generally quite helpful.

 

[Nailgirl9217]

I would also check your current salon won't mind you working in another while still employed there, some salons will be against it

 

[yazmin]

If I was you I would just go self employed rent a chair basis if you are a busy stylist. Tally up at the end of the week how much you have made do this for couple month then minus your stock and see if you could live of that amount. Best thing I done going self employed xx

 

[Helen boswell]

It's dead easy to be part employed and part self employed. I work 2 days a week in Tesco and I'm also self employed. You just fill out a form on hmrc website saying you will now be self employed and they send you a unique tax reference number. You use that for self employed earnings and your employed pay goes through your existing tax code. When you come to fill out your tax return there is a box to add in what your employed earnings for the year, pension contributions etc which will be on your p60. They work out how much tax/ni you owe them over and above what you have already had deducted from your employed work. X