09-01-15, 05:12 PM
you must pay a self employed "stamp" as soon as you start working, this was around £10 a month last time I was self employed, tell the tax office that you are self employed but it might be over a year before you pay any tax (this might have changed?) also to be self employed you must work for more than one company (or be able to do so) this is more so in the building trade as it was a way firms got out of paying their share of N.I. etc.
If you use an accountant the worst thing you can do is take him a bag of reciepts and let him sort it out as he will charge 10 times an hour more than you earn. you can get an accounts ledger from W.H.Smiths but these are a bit general, keep all reciepts for fuel etc, you might be able to claim for other things like meals but I think this might have been stopped?, if you use an accountant he would check your account books and might save you some money??????????
As to taking this on you need to talk to someone who's doing it, a mate told me of someone buying a alloy wheel restoration business, put all his savings into it and never made it pay. Anyway good luck if he takes it on.
If you use an accountant the worst thing you can do is take him a bag of reciepts and let him sort it out as he will charge 10 times an hour more than you earn. you can get an accounts ledger from W.H.Smiths but these are a bit general, keep all reciepts for fuel etc, you might be able to claim for other things like meals but I think this might have been stopped?, if you use an accountant he would check your account books and might save you some money??????????
As to taking this on you need to talk to someone who's doing it, a mate told me of someone buying a alloy wheel restoration business, put all his savings into it and never made it pay. Anyway good luck if he takes it on.