Going self employed - possibly in a hurry
Discussion
Not sure if I'll still have a job come Friday (possible redundancy). If I don't I'll go subcontract, pretty certain I could get work booked before I get out the door (I'll need to).
Although currently hypothetical, I presume (as it'll be service engineer type work) I'll need vehicle, public and product insurance, some form of bookkeeping until I get settled. I'll have to chance the non-competition/contact part of my contract.
I guess my question, is it really possible to just go for it, and tie up the details as you go?
Although currently hypothetical, I presume (as it'll be service engineer type work) I'll need vehicle, public and product insurance, some form of bookkeeping until I get settled. I'll have to chance the non-competition/contact part of my contract.
I guess my question, is it really possible to just go for it, and tie up the details as you go?
RacerMDR said:
I'm in different line of work to you, but my advice is to talk to an accountant and get an off the shelf limited company. That way you can invoice correctly from a tax perspective and sort out the rest as you go...
You do not need to set up a limited company to do that.Yes you can just go for it.
All you need to succeed is customers.
Keep records of income and outgoings. Plenty of information on t'web.
Hmrc site tells you what sort of costs you can set against tax, what you need to tell them etc.
So if you have the customers Go for it, all the other details can be done as you go!
All you need to succeed is customers.
Keep records of income and outgoings. Plenty of information on t'web.
Hmrc site tells you what sort of costs you can set against tax, what you need to tell them etc.
So if you have the customers Go for it, all the other details can be done as you go!
Thanks for the replies.
As my attendance at the office is required on Friday it's not looking promising but exciting in it's own way. Even if I keep my job, I'm not sure it'll be a long term thing.
I will get professional advice as soon as I can - fuel/hotel (or B&Bs depending on the money) will be a big part of my expenses. Fortunately I have a vehicle in good health, my own tools/information/reputation/customer contacts from a couple of industries.
Just going over some figures - what's a typical mileage rate charge these days? Current place is £0.50 per mile plus £50 p/h travel?
As my attendance at the office is required on Friday it's not looking promising but exciting in it's own way. Even if I keep my job, I'm not sure it'll be a long term thing.
I will get professional advice as soon as I can - fuel/hotel (or B&Bs depending on the money) will be a big part of my expenses. Fortunately I have a vehicle in good health, my own tools/information/reputation/customer contacts from a couple of industries.
Just going over some figures - what's a typical mileage rate charge these days? Current place is £0.50 per mile plus £50 p/h travel?
Self employment is one of the best moves you'll ever make, go for it big time 
I've been self employed all my working life, always finding myself having to listen to the stories my employed mates moan about, constant moaning!
Going S/E is a piece of cake, you just need the initial confidence to leave behind the 9-5 security mentality. GL
I've been self employed all my working life, always finding myself having to listen to the stories my employed mates moan about, constant moaning! Going S/E is a piece of cake, you just need the initial confidence to leave behind the 9-5 security mentality. GL
If the work will be fairly easy to come by then go for it, nothing to worry about. Sadly i had to give up self employment last year due to lack of work, im now back in a job i hate.
Its great being your own boss and not having to listen to others telling you what to do!
Id go back to it in a heartbeat if i could.
Its great being your own boss and not having to listen to others telling you what to do!
Id go back to it in a heartbeat if i could.
deeps said:
Self employment is one of the best moves you'll ever make, go for it big time I've been self employed all my working life, always finding myself having to listen to the stories my employed mates moan about, constant moaning!
Going S/E is a piece of cake, you just need the initial confidence to leave behind the 9-5 security mentality. GL
I went ltd company contracting 4 years ago after redundancy and apart from the weird conversation I had this morning with a hiring manager, my only regret is not doing it 15 years earlier. I've been self employed all my working life, always finding myself having to listen to the stories my employed mates moan about, constant moaning! Going S/E is a piece of cake, you just need the initial confidence to leave behind the 9-5 security mentality. GL
Well, s
t happened. 
All UK service (a lot of which I'd generated) being covered the German office (WTF?). Seems my knowledge of what was coming should not have happened, hence pretty much guarded until I'd packed my stuff up and gone out the door (too late) 
. Still, money in lieu - thank you and goodbye.
Worse still, yesterday I had to take my car back for a full refund due to a number of faults on it (to be fair EH were very good about it.)
Made a few calls about sub-con work and ended up being offered an interview Monday. So tempted by the easy option but the self employed route is looking more likely - fed up of working for companies charging £75 p/h for my time only to be paid a whole lot less.
t happened. All UK service (a lot of which I'd generated) being covered the German office (WTF?). Seems my knowledge of what was coming should not have happened, hence pretty much guarded until I'd packed my stuff up and gone out the door (too late) . Still, money in lieu - thank you and goodbye.Worse still, yesterday I had to take my car back for a full refund due to a number of faults on it (to be fair EH were very good about it.)
Made a few calls about sub-con work and ended up being offered an interview Monday. So tempted by the easy option but the self employed route is looking more likely - fed up of working for companies charging £75 p/h for my time only to be paid a whole lot less.
Ive been S/E for 15 years inc a 3 year dalliance into being a ltd company, and also VAT regd
you dont need an accountant, invoices? how hard can that be?
a S/E accounts will cost £300 a year, a Ltd company accounts £1200
I do mine on a Msoft spreadsheet
You dont even need to register with HMRC for 3 months
you dont need an accountant, invoices? how hard can that be?
a S/E accounts will cost £300 a year, a Ltd company accounts £1200
I do mine on a Msoft spreadsheet
You dont even need to register with HMRC for 3 months
A good accountant should be able to save at least their fee out of your tax bill, if not far, far more.
What they should also be able to do is give you the 'sleep easy at night' knowledge that someone who knows what they are doing (and is insured in case they feck up) is batting for your with HMRC. This is opposed to you, fragged after a hard week or three trying to bang in the latest return before the deadline and using the HMRC site to suggest what you might perhaps need to put on your form
What they should also be able to do is give you the 'sleep easy at night' knowledge that someone who knows what they are doing (and is insured in case they feck up) is batting for your with HMRC. This is opposed to you, fragged after a hard week or three trying to bang in the latest return before the deadline and using the HMRC site to suggest what you might perhaps need to put on your form
Personally I think if you are starting up as self employed, then you should be able to manage the books and do a tax return at least until you have work flooding in.
See it as a positive thing, as it will give you the chance to get a feel for what's going in and out of the business rather than just seeing it all written down for you.
Ive been self employed for 8 months now, and I've really got a good feel for how everything is running. Given, I'm not making a fortune, so it's pretty easy for me to keep on top of everything, so perhaps if I were running a large company with a lot of in/outgoings I would seek out the help of a professional.
I suppose it's more about the individual circumstances.
See it as a positive thing, as it will give you the chance to get a feel for what's going in and out of the business rather than just seeing it all written down for you.
Ive been self employed for 8 months now, and I've really got a good feel for how everything is running. Given, I'm not making a fortune, so it's pretty easy for me to keep on top of everything, so perhaps if I were running a large company with a lot of in/outgoings I would seek out the help of a professional.
I suppose it's more about the individual circumstances.
Gassing Station | Jobs & Employment Matters | Top of Page | What's New | My Stuff