Hi I Know this may seem like a basic question but I wanted to know if there is a way to connect an Arduino uno to both a bluetooth module and an esp8266, I was thinking that I would run into some issues by connecting both to the rx & tx pins, is there anyway to go around this?
If you connect both to the RX/TX pins the probably won't react as you expect them to. Neither of the two module will know if the command sent is meant for itself or for the other module but as they always react on anything on the serial interface they will try to interpret it as it's own command and return a result for it.
The solution to your problem depends on what you plan to do with this setup. If the bluetooth module can be low speed you may try the AltSoftSerial library for the bluetooth module and use the hardware serial for the WiFi module (keep in mind that you don't have the serial connection for debugging in this case).
You will have less trouble if you buy a Mega2560 instead of the UNO because that one has 4 hardware serials and you can connect the bluetooth and the WiFi module to Serial1 and Serial2.