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Track addict
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4,907 Posts
Discussion Starter #1
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.

:cheers::cheers:
 

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Stage 1 R32 GTR
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356 Posts
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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Seasoned Member
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1,789 Posts
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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Seasoned Member
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2,233 Posts
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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Forum Thug
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4,552 Posts
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 :D
 

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Wolfs Better Half
Joined
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1,575 Posts
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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Track addict
Joined
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4,907 Posts
Discussion Starter #15
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 :cheers:
 

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Track addict
Joined
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4,907 Posts
Discussion Starter #16
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.
I will do thanks:)
 

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Seasoned Member
Joined
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1,303 Posts
An accountant is not that exoensive. I see mine once a year and he charges £125 to sort out my tax for me. Get a spearate account, and create a standing order to pay £100 a month to yourself, to pay the tax man.

This time of year I get scared becuase I know I havn't saved any money to pay the tax bill :(
 

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AKA MARK
Joined
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2,020 Posts
its all easy stuff and an accountant will only cost you 100 quid as yours will be basic stuff for them, keep all your reciepts and bit and pieces in envelopes each month and that will also keep the cost down as they wont have to spend ages getting it all in order, ring the revenue up when you get the chance they will advise you on what to do
 

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Chris
Joined
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460 Posts
If your after an accountant theres an ex-collegue im still in touch with that lives in Gateshead. Its his own business and he is good at what he does (hes sorted stuff out for me before). Let me know if you want his number mate.
 
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