self employment.....

[Mr T]

im confident I can start taking work on and was want to start thinking about the business side of things now as I want to go the rite route and be a respectable tradesman... where do I start? how did you guys learn about self assessment and tax and all the rest of it? cheers

 

[Protilers]

we did not learn anything about it......we all got an accountant!

all the best

Lee

 

[Mr T]

im not confident in taking big jobs atm I just want to start advertising and taking smll work for a bit... but I want to do it correctly. so if you have an accountant you don't even need to think about self employment? cheers for reply matey

 

[prceramics]

do my own books and tax returns piece of cake

 

[Mr T]

how do you keep the records mate? any advice on self employment would be really helpful and I would appreciate it thanks.

 

[Protilers]

are you going to be self employed?.....meaning it is the only thing you do.......or are you working somewhere else..... and are going to moonlight as a tiler?

as for your question.........I use one credit card for all business purchases........that way all i need to submit it my credit card statements........

all the best

Lee

 

[White Room]

im not confident in taking big jobs atm I just want to start advertising and taking smll work for a bit... but I want to do it correctly. so if you have an accountant you don't even need to think about self employment? cheers for reply matey

What are you on about, thats why you get an accountant to check your accounts at the end of the year which you would have been filled in by you...he dos'nt deduct your weekly tax, you have put that aside.

 

[Mr T]

well as im unemployed atm I simply want to advertise... go and quote jobs and what im confident I can do I will take on the work. I have tiled 4 bathrooms in the last 2 months and every job has turned out great tbh and im confident I can start getting paid for it. all the best too mate

 

[Mr T]

that's why I am asking mate.... I havnt looked nto the business sde of things at all really tbh.

 

[Protilers]

I will do a quick summary of what you need/should do.......

First off.......contact HMRC.....and tell them you wish to become self employed.......and in due course they will issue you with a UTR (unique tax reference)........
the next thing you should do is approach an accountant.....(if you feel you need to, or if you think they could advise you on ways to save money!).....
you will need to SAVE 20% (i Guess) of your income and pay that into a savings account (for your end of year).......and while you are there (in the bank) take a letterhead from your newly formed company and open a business account....(for your customers to pay into!).....

IMO a credit card is the best way to keep accounts simple......but there are variables....to that statement.......pay your credit card off statement to statement and there will be no interest and all company outlay is listed in one place.......simples!......

after this you are on your own.......but you could always ask your accountant you employed earlier in the day! and he will give you the best advice!

all the best

Lee.......oh and good luck........its tough out there!

Lee

 

[Mr T]

ok well I need to take some time to learn more about this! thanks for your advice mate its appreciated. and thanks I know its hard as it is so may aswell try to earn a bit of bread for the kids prezzies... one question that's on my mind do I just have to put %20 away from net profit of my jobs? or will the hmrc want more money off me? thanks lee

 

[White Room]

I will do a quick summary of what you need/should do.......

First off.......contact HMRC.....and tell them you wish to become self employed.......and in due course they will issue you with a UTR (unique tax reference)........
the next thing you should do is approach an accountant.....(if you feel you need to, or if you think they could advise you on ways to save money!).....
you will need to SAVE 20% (i Guess) of your income and pay that into a savings account (for your end of year).......and while you are there (in the bank) take a letterhead from your newly formed company and open a business account....(for your customers to pay into!).....

IMO a credit card is the best way to keep accounts simple......but there are variables....to that statement.......pay your credit card off statement to statement and there will be no interest and all company outlay is listed in one place.......simples!......

after this you are on your own.......but you could always ask your accountant you employed earlier in the day! and he will give you the best advice!

all the best

Lee.......oh and good luck........its tough out there!

Lee

Never had a business account Lee....everything goes through my current account.

 

[prceramics]

just ditched my business account and using a current account loads cheaper

 

[Mr T]

I wont be opening aa business account but will be getting a simple cash card account for customers to pay in... and for my beer money to come out lol... I have a savings account that at this time is bone dry so no problem there... and if I simply go to my bank say on the last day of each month and take the money out... I should be ok when it boils down to april coming along.

 

[Protilers]

Hi whitebeam......

whatever suits you really....there is no NEED for a business account.......but if you operate from your current account you need to give your PERSONAL statements to your accountant (if you have one) at E.O.Y...

hourses for courses?

all the best

Lee

 

[Protilers]

you do not NEED to pay the bank anything for a business account........if you dont want to.....there is nothing dodgy in getting you customer to pay you personally......and then you transfering the money into your business account via online banking...avoiding all bank charges.........this aside.....it was just a heads up........and everyone does it differently Mr T.......like tiling funny enough!

All the best

Lee

 

[Protilers]

April is (generally) when you submit you records MR T.......you don't (generally) have to pay your tax until January......

just to make things a little more confusing for you!!!!

heheheheeheeeeee

 

[Mr T]

I will have to see an advisor at the bank to see what we can arrange... think I may have to book an appointment with citizens advice too... thanks again lee good man!

- - - Updated - - -

that's even better then lol...

- - - Updated - - -

is there a limit you can earn before tax? im sure I heard something on the radio about 9,000 before self employed have to pay tax? cheers

 

[Protilers]

I will have to see an advisor at the bank to see what we can arrange... think I may have to book an appointment with citizens advice too... thanks again lee good man!

- - - Updated - - -

that's even better then lol...

- - - Updated - - -

is there a limit you can earn before tax? im sure I heard something on the radio about 9,000 before self employed have to pay tax? cheers

I dont know the limit TBH......but yes...if you earn sub whatever the limit is.......you will proberbly get a tax refund or pay no tax whatsoever........but I am a tiler....not a tax advisor.....

best of luck......nite nite

Lee

 

[White Room]

Hi whitebeam......

whatever suits you really....there is no NEED for a business account.......but if you operate from your current account you need to give your PERSONAL statements to your accountant (if you have one) at E.O.Y...

hourses for courses?

Oh yes I have one but been with him for so long there's nothing he dos'nt know about my accounts mate, scary :lol:

 

[Protilers]

Hi whitebeam......

whatever suits you really....there is no NEED for a business account.......but if you operate from your current account you need to give your PERSONAL statements to your accountant (if you have one) at E.O.Y...

hourses for courses?

Oh yes I have one but been with him for so long there's nothing he dos'nt know about my accounts mate, scary :lol:

for me it would not be about what I have in my account so much!.......I just would not want my accountant to know I am in the pub every night (paying by card!).....or about my subscription to trainworld magazine.......oh it is good though!!!........hhhehehheeeee

 

[DHTiling]

What you going to trade as. ? .. surely not a tiler ffs..

 

[ian158]

Dave..at what point in your tiling career did you call yourself a tiler..this is not a loaded question or in anyway demeaning but when does someone call them self a tiler..ive seen some guys on my builder quote NVQ level 2 tiling...but they like me do the lot plumbing chippie work etc...is a tiler called tiler because they only tile ? ...MR T is clearly not a tiler because he's only tlled 4 bathrooms...I don't consider myself a tiler..a plumber..a chippe...I do get asked so..I wonder sometimes if I dig myself a hole by saying jack of all trade...but then people wait for the next bit..master of none..im certainly do not consider myself a tiler..but when do you cross that line of being called one ?

 

[Mr T]

Couldnt care less what u say mate.. I know my capabilities and as long as I dont over step them and look after customers I wont be a cowboy... Ive tiled 4 bathrooms a kitchen splash and 2 concrete floors in the last 2 months and took a bit longer than the best of them but was still quality finnishes and have a shed load of work lined up too...

 

[DJS]

I used to do payroll (producing payslips/calculating tax/NIC's). Fresh out of school I was a trainee accountant for 3 yrs. When it came to doing it myself, I had no idea where to start either. You can also go to HMRC for advice to get you started, but seriously get an accountant.

Ps. I much prefer being a tiler