gone self employed
Discussion
Well done you!
Huge leap to take, I did it nearly 4 years ago and its the best thing I've ever done.
If you are looking for a great mechanic based near Norwich I know a great guy who's looking for work.
I know what you are thinking great mechanic - out of work????
He worked for City Care who sold out to Connaught and then got a job back as a trainee plumber. He picks things up so quickly he is installing some radiators at mine this weekend.
He worked on all my cars and was as good as gold!
Huge leap to take, I did it nearly 4 years ago and its the best thing I've ever done.
If you are looking for a great mechanic based near Norwich I know a great guy who's looking for work.
I know what you are thinking great mechanic - out of work????
He worked for City Care who sold out to Connaught and then got a job back as a trainee plumber. He picks things up so quickly he is installing some radiators at mine this weekend.
He worked on all my cars and was as good as gold!
Good luck.
Now my boring bit.
If you haven't already, see an accountant. You need to register with HMRC as self-employed within three months of commencement to avoid a fine (although i've never actually seen one levied) and start paying class 2 NIC.
It's also best you prepare a period of short accounts from the period of commencement through to 5th April, and prepare your tax return on that. If you were to do a full year, you could create overlap profits that may be in excess of the relief available when you want to cease, it's all only possibilities, but a little bit of forward thinking doesn't go amiss. It's possible, given the capital expenditure you've incurred and the AIA available in the first year that you can create losses that can be offset against your income from employment, and get you a tax rebate.
It may be prudent for you to incorporate dependent on your exact financial position, so best to get these things done at the beginning.
Go on recommendation.
Sorry to bore, sorry if you've already sorted too!
Any questions, feel free to ask.
Now my boring bit.
If you haven't already, see an accountant. You need to register with HMRC as self-employed within three months of commencement to avoid a fine (although i've never actually seen one levied) and start paying class 2 NIC.
It's also best you prepare a period of short accounts from the period of commencement through to 5th April, and prepare your tax return on that. If you were to do a full year, you could create overlap profits that may be in excess of the relief available when you want to cease, it's all only possibilities, but a little bit of forward thinking doesn't go amiss. It's possible, given the capital expenditure you've incurred and the AIA available in the first year that you can create losses that can be offset against your income from employment, and get you a tax rebate.
It may be prudent for you to incorporate dependent on your exact financial position, so best to get these things done at the beginning.
Go on recommendation.
Sorry to bore, sorry if you've already sorted too!
Any questions, feel free to ask.
prmoldoaks said:
Good luck paul catch up soon.
Patrick
PS Ltd companies offer little protection these and add more costs.
They offer plenty of protection, but yes, do add some costs. Trouble is, badly advised people still end up securing loans etc against themselves personally.Patrick
PS Ltd companies offer little protection these and add more costs.
It's also the potential savings that can be made, but as with anything, it's dependent on personal circumstances.
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