J
john0612
i've been a painter n dec for 14yr with the same company since i left school ( hears the clogs working out my age :lol: ) been S/E for 5yrs, basically bought out the company i used to work for along with a collegue as my old boss retired.
My initial thought was wealth lol, ( well you would woudn't you ) but it coun't be further from the truth.
So much more worry money wise.
cash flow is a real worry as you never when your getting paid, and if your working as a subby, well expect to wait anything between 30-60 days for yor dosh.
Tax wise i use the vouchers when i subby out so i get taxed 20% from the company and they send it off to the tax man so if you do a lot of subby'n you can have a nice wedge sitting at the tax mans office awaiting yor tax return, i generally have a couple of K overpaid so it's nice to get a rebate, but you get less "up front" money.
VAT , now that is the bane of my life, i think the thresh hold has went up to 68k turnover before you need to pay it. but i normally pay between 2-3k per 1/4 and that just kills us. We have a high turnover because we do a lot of non slip epoxy resin floors, which is bloody dear.
i have a book keeper who charges £27 per week for doing all my books so i don't even have to do anything.
accountant is £600 per year ( £300 per partner) and he keeps everything in tip top condition and only hear from him at the end of the financial year.
i know tiling is not my forte (yet) but if i can help anyone with anything business wise i'm more than willing to offer what i know.
remember you get taxed on profit, so it's better to spend and even your books out so your not hammered for a big profit, by that i mean if you can afford it, work from home and put your phone, elec, gas, pension etc..... you get my drift, you might not have masses of cash in your business account but you get better perks if you get me.
My initial thought was wealth lol, ( well you would woudn't you ) but it coun't be further from the truth.
So much more worry money wise.
cash flow is a real worry as you never when your getting paid, and if your working as a subby, well expect to wait anything between 30-60 days for yor dosh.
Tax wise i use the vouchers when i subby out so i get taxed 20% from the company and they send it off to the tax man so if you do a lot of subby'n you can have a nice wedge sitting at the tax mans office awaiting yor tax return, i generally have a couple of K overpaid so it's nice to get a rebate, but you get less "up front" money.
VAT , now that is the bane of my life, i think the thresh hold has went up to 68k turnover before you need to pay it. but i normally pay between 2-3k per 1/4 and that just kills us. We have a high turnover because we do a lot of non slip epoxy resin floors, which is bloody dear.
i have a book keeper who charges £27 per week for doing all my books so i don't even have to do anything.
accountant is £600 per year ( £300 per partner) and he keeps everything in tip top condition and only hear from him at the end of the financial year.
i know tiling is not my forte (yet) but if i can help anyone with anything business wise i'm more than willing to offer what i know.
remember you get taxed on profit, so it's better to spend and even your books out so your not hammered for a big profit, by that i mean if you can afford it, work from home and put your phone, elec, gas, pension etc..... you get my drift, you might not have masses of cash in your business account but you get better perks if you get me.
