|
|
Post by speedysquires on Mar 7, 2013 9:37:01 GMT 1
Thinking of going self employed as I have been made redundant  Anyone done this recently, if I do it I will going into consultancy. Not sure whether to go sole trader or Ltd company |
|
|
|
Post by bobbyboy on Mar 7, 2013 11:03:26 GMT 1
I went self-employed 10 years ago, and it's the best decision I ever made. It's not easy though. But I think the positives outweigh the negatives. Keep things simple, work from home initially to keep costs down, bear in mind that your working hours wont only be office hours as your doing your normal job, plus the extra work involved in running the business. I'm a sole trader, as it's the simplest way to start out, and it was recommended to me to take this avenue first, as you can go Ltd any time after, with no issues. I have a local govt business centre which can advise you on all things self employed for free, see if you have one near you. They are a big help for all the details you need to start and continue in being self employed. Good Luck if you give it a go  |
|
|
|
Post by jollyjoiner on Mar 7, 2013 11:59:31 GMT 1
I went self employed 9 years ago as a joiner/ property repairs, i'm also a sole trader, just keeps things alot simpler but it can be hard work at times
Good luck mate
|
|
|
|
Post by muttsnuts on Mar 7, 2013 20:39:59 GMT 1
I've been self employed as a limited company for 18+yrs now, it all depends what your field of expertise is really I am a Ltd company as it allows allsorts of perks if you have a good accountant, but the down side can be that you pay for it, so you have to work out what is bets for you On the plus side, it allows you to do certain things without getting bogged down in red tape, for example. my limited company is <my name> LTD Under that company I have several trading companies, one for each type of business I do, all cheques/payments are paid to my name, so it doesn't matter how many trades/companies I set up, it keeps it very easy and allows me to be flexible in allsorts of ways but only have 1 bank account, which I have with a bank where I don't pay any charges and its a business account ! But as I say, it all depends on what your expertise is, no point doing that if your going to be cleaning houses for people unless you intend employing loads of people of course  HTH |
|
|
|
Post by cb250g5 on Mar 7, 2013 23:25:21 GMT 1
I'm LTD, so to speak.
You'll need to look into IR35 if you're going into consultancy, especially if only working for one company at a time
|
|
|
|
Post by speedysquires on Mar 8, 2013 9:16:06 GMT 1
I'm LTD, so to speak. You'll need to look into IR35 if you're going into consultancy, especially if only working for one company at a time Thanks for the info, I will have to look into this as with the client base I am targeting a LTD seems to be the best route, even though it is more labour intensive for me. |
|
|
|
Post by sundaytimes on Mar 8, 2013 9:28:41 GMT 1
Make sure you get yourself a good accountant, I use www.carpenterbox.com. You pay a fixed fee per month and they sort out the rest, I would recommend them. They can setup the company for you and do all the hard work. They also provide web based software to keep track of all the invoices, tax, etc. If you want anymore details drop me a PM. Steve |
|
|
|
Post by Norbo on Mar 8, 2013 11:40:30 GMT 1
Personaly id keep it simple as a sole trader . talk to your accountent after the first years books and ask them whats best for you .
|
|
|
|
Post by sheeney on Mar 9, 2013 10:43:01 GMT 1
Thinking of going self employed as I have been made redundant Anyone done this recently, if I do it I will going into consultancy. Not sure whether to go sole trader or Ltd company Hi speedy I have been self employed for many years..best thing thing ive ever done..you don't live a million miles away from me ..if you need a accountant pm me for her tel no..she is brilliant and won't have your pants down if you know what I mean  |
|
|
|
Post by wizard on Mar 9, 2013 22:36:33 GMT 1
Wot do u do? been self employed 20 years or more, Do it |
|
horace
Thrash Merchant
Posts: 456
|
Post by horace on Mar 10, 2013 9:15:10 GMT 1
Have been self employed most of my working life both As sole trader and now limited ,only really worth going into coporation tax if your hovering round the 40% threshold as a sole trader,the rewards are there but you will have to work hard in whatever you do in the current climate,I would love a steady 40 hrs and a weekly wage along with paid holidays and no hassle ,nothing ventured ,if you don't give it a go you will never no and will always wonder what could have been ,good luck. |
|
|
|
Post by speedysquires on Mar 10, 2013 18:32:17 GMT 1
Wot do u do? been self employed 20 years or more, Do it I work in the construction industry, trained as a carpenter but been in Business/Contract Management for over 10yrs. I am looking at consultancy and contract work as there seems to be a shortage of experience in this area. |
|
|
|
Post by dippydave on Mar 10, 2013 21:17:07 GMT 1
Self employed driving instructor (car) here.... sole trader. go for it as if u dont u will always be thinking what if......u only regret the things u dont try
|
|
|
|
Post by speedysquires on Mar 11, 2013 10:07:03 GMT 1
Well the job I was holding out for didn't materialize so its looking like all systems go.
Need to get my arse in gear this week and stop tinkering with my bikes....
|
|
|
|
Post by speedysquires on Mar 21, 2013 13:19:54 GMT 1
Well I pushed the button  Set up my LTD company, been to the bank this morning to set up my business account and had confirmation of my first contract ;D Just need an accountant now |
|
|
|
Post by muttsnuts on Mar 21, 2013 15:29:15 GMT 1
Well I pushed the button Set up my LTD company, been to the bank this morning to set up my business account and had confirmation of my first contract ;D Just need an accountant now no rush on an accountant, shop around and in the meantime just keep everything you do in respect of the business, then once you've sorted an accountant you can go through the stuff and decide what is pertinent or not, mostly it will be pertinent e.g. you can write it off against tax - don't forget that any tools you use in respect of your business needs to be transferred to your business and you are paid for them out of your business - that way when they need replacing they are done via the business and also its all tax deductable. I transferred all of my tools and equipment which amounted to just short of £30k ! - nice little pay day that was and now when things wear out I replace them out of the company and get tax releif, plus you do a tax write down (depreciation) on stuff every year, so 3 to 5 years is normal, computers are normal for 3yrs, 5yrs max, don't forget as well that your work boots, clothes, hard hats etc are all tax deductable and should be paid for by the company....... HTH |
|
