Going self employed - does salary tax change?

[Bessingby]

Hi!

 

I'm looking to leave my job and go self employed. I was wondering if there were any differences between being paid by PAYE and doing taxes yourself? I often use this salary calculator: income-tax.co.uk - does this still apply to income earned not through PAYE? If so that would make life so much easier as I'll be able to calculate everything there easily. I'm ok with collecting receipts, invoices etc as I do that quite well now anyway, just concerned if there is anything else to it that I should be worrying about.

 

Cheers!

[Steve Bullman]

Get yourself an accountant would be my advice, they will save you what they charge you at least.  You should pay less being self employed also

[Mark J]

Agreed, you're looking at less than a quid a day for an accountant for a self employed sole trader.

Edited August 16, 2018 by Mark J

[Bessingby]

1 hour ago, Steve Bullman said:

Get yourself an accountant would be my advice, they will save you what they charge you at least.  You should pay less being self employed also

 

1 hour ago, Mark J said:

Agreed, you're looking at less than a quid a day for an accountant for a self employed sole trader.

That little? I thought it was going to be much more expensive, so didn't put myself through the pain of looking!

Thanks for the advice, I'll definitely be looking at local accountants then!

[Steve Bullman]

I was paying £250 a year for my previous accountant which was probably on the cheap side.  Should be plenty around for £300-£400 a year though.  My new account is a little more, a) because he's better, and b) because I went limited and theres a little more paperwork involved.

 

Get one on recommendation whatever you do

[nepia]

There was a guy posted on here briefly some months ago who was an accountant and from the horse's mouth 'if your accountant doesn't save you considerably more money than his fees there's something wrong'.

[eggsarascal]

I've paid my accountant today £360/year.

Edited August 16, 2018 by eggsarascal

[Steve Bullman]

My last bill was £600 which was less than I was expecting.  He's spent a lot of time with me in addition to doing the bookwork, sorting the transition from sole trader to limited.

[Mark J]

I paid £300 ish as a sole trader. I reckon a quid a day is fair though. I pay about a tenner a week for Ltd accounts.  A decent, recommended accountant will save you money. But more than that, you don't have to worry about the tax side of business or deal with the Rev at all, which allows you to focus on what you want to do.