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PostPosted: Sat Mar 16, 2013 3:38 pm 
retrobike rider
retrobike rider
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Joined: Wed Jul 09, 2008 5:53 pm
Posts: 2981
Location: Super Sussex by the Sea
Thinking about going self employed a lot recently, and was wondering as I know a fair few of you are already, what the deal is with it?

A few things I was wondering about

How did you start out/get going?
How do you sort the tax bit out and how do you decide how much to declare?
How does the vat back thing work?
What do you do about sickness/injury?
How does it affect tax credits etc?
How do you discipline yourself for putting tax aside?

Work has been quite thin on the ground recently and I've been helping a mate out who has since told me he has a fair bit on, although he quite often gets his brother to help out. I'm employed but the boss has said if needs must I can work for my mate on the odd day. I have a feeling I could make more money by spreading myself thinner between a number of employers rather than one with occasional big paying jobs, although I am slightly nervous of losing the perks of being employed - i.e. a constant wage each month(albeit crap basic wage, with decent bonus for site work, although I've only got the basic the last couple of months and probably next month too), holidays, sick pay etc. I guess that is the eternal toss up though!

All thoughts welcome!

P.s. TGR don't mention this to Paul just yet!


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PostPosted: Sat Mar 16, 2013 3:52 pm 
Old School Grand Master
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Joined: Sun Jan 06, 2008 2:36 pm
Posts: 4007
Location: uk
If the work you intend to do is simpleand not a business that is employing people.......then it's very easy to be self employed..........just keep records and receipts...........just make sure you pay the correct type of NI contributions towards your state pension.


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PostPosted: Sat Mar 16, 2013 6:30 pm 
King of the Skip Monkeys
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Joined: Wed Nov 07, 2007 4:34 pm
Posts: 26149
Location: Moomin Valley
I am currently self-unemployed


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PostPosted: Sat Mar 16, 2013 6:33 pm 
King of the Skip Monkeys
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Joined: Wed Nov 07, 2007 4:34 pm
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Location: Moomin Valley
Just dont be ill or take holidays.

As for VAT unless you turnover more than £80k+ annually you dont need top worry.


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PostPosted: Sat Mar 16, 2013 8:56 pm 
Retro Guru

Joined: Sun Dec 28, 2008 12:12 am
Posts: 680
Location: Anglesey
Find a really good accountant. Not only is it easier and safer than ploughing through the paperwork yourself, but they'll probably be aware of a few legally-sound breaks.


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PostPosted: Sat Mar 16, 2013 9:14 pm 
South East AEC
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Joined: Wed Oct 03, 2007 3:39 pm
Posts: 3882
You need to be a sales man all the time,
There are no holidays and no time off.
The tax office run free courses on what you need to do, (you should be able to walk to these)

You need to work out what to do when there is no work

Working out what to charge, it's probably more than you think.

If you are leaving a job, make sure it's classed as redundancy, there is a tax advantage to this.

Meet me for coffee towards the end of the week, and we can talk it over.


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PostPosted: Mon Mar 18, 2013 12:28 pm 
Retro Guru
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Joined: Thu May 08, 2008 4:18 pm
Posts: 2336
legrandefromage wrote:
As for VAT unless you turnover more than £80k+ annually you dont need top worry.


My turnover is way less than that, but I'm VAT-registered and better off as a result. The flat-rate VAT scheme is a marvellous thing :)

(Disclaimer: depends a bit on nature of business).


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PostPosted: Sun Mar 24, 2013 4:10 pm 
Retro Guru
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Joined: Wed Apr 18, 2012 9:47 pm
Posts: 324
Location: Stratford upon Avon
What is your profession?

Have you considered setting up a limited company rather than being self employed?

Dan


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PostPosted: Sun Mar 24, 2013 6:51 pm 
Retro Guru
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Joined: Thu May 03, 2012 7:13 pm
Posts: 2574
Location: The Cock Inn, Tillett, Herts
On average self employed folk work a third longer than the rest of us and earn a third less.


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PostPosted: Sun Mar 24, 2013 8:10 pm 
Retro Guru
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Joined: Wed Apr 18, 2012 9:47 pm
Posts: 324
Location: Stratford upon Avon
Build a business and get others to work for you :)


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