17-10-11, 08:05 AM
Mac
CIS is easy ..its keeping to deadlines which is difficult. Just be very aware that CIS has massive financial penalties for not sending returns on time. £100 per item...and the revenue has now made it clear they do mean business.
I have been using CIS since 1996 and its straightforward unless u have lots of itinerant subbies. The issue with CIS is that you the contractor are responsible for everything ! You will stand the cost of any errors, so get a foolproof system in place at the start. If you have employees who u want to try to push to CIS , be very careful as the rules apply not to the person but to the job they R doing for you. A true subbie is just that.
generally my advice would be to avoid too much outlay at the start , the market is very up and down, so keep overheads to a minimum. Nice shiny industrial units dont pay for themselves, they can be a major revenue drain etc. Similarly dont go mad on leasing vans etc...make yer decisions on what you can afford, not what you think you can afford.
You dont need an accountant if you are a sole trader...and tbh I dont think they will save you the cost of their fees . If you go limited then you do need one.
also be aware that most folk employ tradesmen based on personal reccomendations, so massive advertising may not create as much work as you might think. You also need to do what you say on the tin !
CIS is easy ..its keeping to deadlines which is difficult. Just be very aware that CIS has massive financial penalties for not sending returns on time. £100 per item...and the revenue has now made it clear they do mean business.
I have been using CIS since 1996 and its straightforward unless u have lots of itinerant subbies. The issue with CIS is that you the contractor are responsible for everything ! You will stand the cost of any errors, so get a foolproof system in place at the start. If you have employees who u want to try to push to CIS , be very careful as the rules apply not to the person but to the job they R doing for you. A true subbie is just that.
generally my advice would be to avoid too much outlay at the start , the market is very up and down, so keep overheads to a minimum. Nice shiny industrial units dont pay for themselves, they can be a major revenue drain etc. Similarly dont go mad on leasing vans etc...make yer decisions on what you can afford, not what you think you can afford.
You dont need an accountant if you are a sole trader...and tbh I dont think they will save you the cost of their fees . If you go limited then you do need one.
also be aware that most folk employ tradesmen based on personal reccomendations, so massive advertising may not create as much work as you might think. You also need to do what you say on the tin !