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Old 23-11-2008, 10:19 PM   #1
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Any self employed people, advice needed

Right due to my current work situation of having no job, my mate has offered me a place working for him, doing valeting. It means at least grand a month in my hand, which in the current climate is good enough, however it means i would become self employed so would have to pay my own tax and NI.

Having never been un-employed never mind self employed before i just need advice on what to do basically.

What tax band would i go on etc, how much tax etc would i have to pay.
Would it be worth while doing etc

I keep being told to get myself a good accountant, but surely it would cost as much to pay an accountant than what he/she would save me etc.

Any advice would be great, by all means pm me if needs be if you want to keep your business private etc.

At this stage it's just an option, so i haven't committed to anything as yet, i just wanted some advice on the matter.

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Old 23-11-2008, 10:24 PM   #2
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would you be paid in cash or cheque
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Old 23-11-2008, 10:26 PM   #3
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you could go self employed and then pay your tax at the year end, or if not could you go as an employee of your friend???
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Old 23-11-2008, 10:28 PM   #4
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Quote:
Originally Posted by dazbe View Post
would you be paid in cash or cheque
it would be paid into my bank i think but i suppose i could ask for a cheque
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Old 23-11-2008, 10:29 PM   #5
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Originally Posted by GouldyGTR View Post
you could go self employed and then pay your tax at the year end, or if not could you go as an employee of your friend???
It's not his company, but he has the say over who works there etc, everyone who works there is classed as self employed
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Old 23-11-2008, 10:33 PM   #6
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i am self enployed mate and i find it very easy, ni payed by direct debit each month and fill self certified cert once a year and it tells you how much tx you need to pay.
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Old 23-11-2008, 10:33 PM   #7
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your tax would be 17.5% on average so on 1000 175 would be tax ni is included
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Old 23-11-2008, 10:42 PM   #8
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your tax would be 17.5% on average so on 1000 175 would be tax ni is included
Cheers for that, would it make much difference if i was payed in cash though?
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Old 23-11-2008, 10:44 PM   #9
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Cheers for that, would it make much difference if i was payed in cash though?
depends on how much went through the books
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Old 23-11-2008, 10:45 PM   #10
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not sure if it works the same as the construction industry but if you only do the one job you may need to go on the cards with the owner of the company.
Nowdays you have to take different contracts etc to be able to be self employed.
like i say im not sure if this only applies to the construction industry.
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Old 23-11-2008, 10:46 PM   #11
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i agree with wolf less the better
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Old 23-11-2008, 10:49 PM   #12
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You need to register with the Inland Revenue, give them a ring. Register as a Sole trader, that way you won`t pay V.A.T. An accountant is always a good thing as they will save you money in the long run, usually the cost of the accountant. They know what to claim for. Also looks better if your tax return is filed through a Chartered Accountant. Keep all receipts for Fuel etc, mobile phone. The main problem with Self employment is justifying what you spend your money on and making sur eyou keep enough back for your tax bill at the end of the year. Hope this helps.
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Old 23-11-2008, 10:50 PM   #13
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Hun I will look into it this week and ask the powers that be in work the crack, was going to do it for richard, did have all the info, will have a look see and get back to u, i dont mind helping u
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Old 23-11-2008, 10:52 PM   #14
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My advice is this (being a self employed qualified bookkeeper)

You are entitled to earn 5500 before NI is due and 6000 before any tax is deducted from your earnings. This i got from my own accountant after i asked him about the very same thing just the other day.

Also you must register yourself as self employed with HMRC / Tax office within 3 months of going self emplolyed or they will slap you with a nice big fine.

you are not entitled to charge VAT on sales or services unless you are VAT registered, the new threshold for VAT registration is now 70k.

I hope this helps.

If you need any more advice send me a pm and i'll see if i can answer it in more detail for you.
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Old 23-11-2008, 10:54 PM   #15
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Quote:
Originally Posted by moddingdog View Post
You need to register with the Inland Revenue, give them a ring. Register as a Sole trader, that way you won`t pay V.A.T. An accountant is always a good thing as they will save you money in the long run, usually the cost of the accountant. They know what to claim for. Also looks better if your tax return is filed through a Chartered Accountant. Keep all receipts for Fuel etc, mobile phone. The main problem with Self employment is justifying what you spend your money on and making sur eyou keep enough back for your tax bill at the end of the year. Hope this helps.
That has helped a lot
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