OT advice sought re going self employed

[LamieRobertson]

As I understood it you had to pay Class 4 to qualify for full pension at retirement age. Paying just class 2 won't qualify you.

I'm pretty certain class 2 qualifies re pension

 

[LamieRobertson]

U and Mike?

 

[SIMMO SAYS]

Self employed and in my fortieth year-------must be doing something right!
To be honest its fecking hard work - seven days a week and into the night --- plus I employ my youngest son---so more WORRY
NOBODY wants to pay you what your worth---and that includes FAMILY
I have always had a GOOD accountant (£350.00) a year --- but I sort everything for him so no more than a day for him.
BIG step to go Self Employed ------BUT if you are good at what you do ---- go for it.

 

[Herr Tubthumper]

My wife has been self employed as a sole trader (she runs a dance school) for about 6 years and I have had two bouts of self employment via a limited company, the second of which is just coming to an end as I return to a perm role. Sole trader works for her as turnover and profit don't warrant the additional complexity and cost of a ltd company. Her turnover is around £35k a year whereas mine has been into six figures and so the tax advantages outweigh the extra costs.

On record keeping, we both keep all receipts, numbered and logged onto a spreadsheet with dates and details justifying the spend. These are then filed by month. She uses a simple spreadsheet based cashbook for income and expenditure by month and this auto totals to the categories needed for her tax return which I do using TaxCalc for £25 a year as well as my own self assessment return - it is software I have used for years as it simplifies the HMRC forms, gives me 24/7 access to expert advice and allows me to submit directly online. Use a separate bank account and keep on top of reconciling statements to your records.

I do think good record keeping and admin are important. Also worth looking at legal insurance to cover your costs of a tax investigation should you ever have the misfortune to suffer one.

Good luck - I'm sure you will be successful and happy in your business!

I put all my business receipts in a box and give the box to my accountant every year. Much easier.

 

[BN9 BHA]

Self employed and in my fortieth year-------must be doing something right!
To be honest its fecking hard work - seven days a week and into the night --- plus I employ my youngest son---so more WORRY
NOBODY wants to pay you what your worth---and that includes FAMILY
I have always had a GOOD accountant (£350.00) a year --- but I sort everything for him so no more than a day for him.
BIG step to go Self Employed ------BUT if you are good at what you do ---- go for it.

Fortieth year- doing something right?? WRONG If you are working 7 days Simmo.

 

[BN9 BHA]

The firm I'm sub contracted to have stacks and stacks of work and are currently turning work away, so I'm confident that quantity of jobs isn't an issue. However the length of time for me to get upto speed is an entirely different matter

Do you get the jobs booked for you, and are the jobs local?

 

[LamieRobertson]

Fortieth year- doing something right?? WRONG If you are working 7 days Simmo.

i think he meant 7 days a month...hes just had 2 weeks in Florida

 

[SIMMO SAYS]

Fortieth year- doing something right?? WRONG If you are working 7 days Simmo.

When do you do your ESTIMATES------I normally do them on WEEKENDS------and I don't get paid either.
Did the Newhaven Bridge get you home safely today

 

[SIMMO SAYS]

i think he meant 7 days a month...hes just had 2 weeks in Florida

OI!!!!!!! with your skin a holiday in Florida is out of the question--------to be honest 95deg everyday would have done for me if it hadn't been for the BUD LITES at 11am EVERY DAY through to early evening

 

[BN9 BHA]

i think he meant 7 days a month...hes just had 2 weeks in Florida

 

[SIMMO SAYS]

You there tomorrow?
Normally Wrong Direction and I have a GUTBUSTER at lunchtime on midweek games------this allows for a LARGE intake of
DICKS AT SIX is my MANTRA

 

[LamieRobertson]

OI!!!!!!! with your skin a holiday in Florida is out of the question--------to be honest 95deg everyday would have done for me if it hadn't been for the BUD LITES at 11am EVERY DAY through to early evening

Were u anywhere near that guy at last match who sounded as though he had swallowed a helium balloon

 

[BN9 BHA]

When do you do your ESTIMATES------I normally do them on WEEKENDS------and I don't get paid either.
Did the Newhaven Bridge get you home safely today

I do them when I get home or during the working day, I only do small jobs and most of these don't need estimating, I'm trusted by my customers



Weekends I'm running junior BN9 to football training and matches.

Wasn't happy on Friday with that bridge, I don't think it opened today, Someone is going to sling one of the numptys that operates it in the river if it gets jammed again.

 

[BN9 BHA]

You there tomorrow?
Normally Wrong Direction and I have a GUTBUSTER at lunchtime on midweek games------this allows for a LARGE intake of
DICKS AT SIX is my MANTRA

A long working day then Simmo??
Which cafe do you go in?

 

[LamieRobertson]

A long working day then Simmo??
Which cafe do you go in?

starts at 10...knocks off at 10.30 ..rolls out of cafe at 2.30....tea break at 3.00 ......knocks off at 4 no wonder he has to quote

 

[SIMMO SAYS]

Were u anywhere near that guy at last match who sounded as though he had swallowed a helium balloon

I was welcomed back to my seat like I had EBOLA
They have been having a whip round to send me back to FLORIDA in the hope we might get back to winning ways.

 

[LamieRobertson]

I was welcomed back to my seat like I had EBOLA
They have been having a whip round to send me back to FLORIDA in the hope we might get back to winning ways.

we must meet up after a game for a pint on a saturday

 

[BN9 BHA]

starts at 10...knocks off at 10.30 ..rolls out of cafe at 2.30....tea break at 3.00 ......knocks off at 4 no wonder he has to quote

Tea and biscuits at every job too, happy days

 

[SIMMO SAYS]

starts at 10...knocks off at 10.30 ..rolls out of cafe at 2.30....tea break at 3.00 ......knocks off at 4 no wonder he has to quote

Christ!!!!!!!!!!!! I need to charge more---this plumbing work stops me enjoying life

 

[LamieRobertson]

Tea and biscuits at every job too, happy days

likewise...both of us have a good relationship with our customers....
uve heard of checkatrade...i think with simmo its checkapub