Hello Gogebic,
If we understand correctly you want to use Personal Hotspot for your iPad, concurrently while using the internet on your iPhone at the same time. Is that correct? If so, we will be happy to help.
While you should be able to access the internet from your iPhone, keep in mind certain apps and features that require a Wi-Fi connection might not work while using a Personal Hotspot. For example, you might not be able to make an iCloud backup or upload photos to iCloud Photo Library or Photo Stream.
For information, check out this article: How to set up a Personal Hotspot on your iPhone or iPad
Cheers!