Self employed fears

[Boggle4137]

Hi guys

 

After trying to break into the industry I've been offered a trial day with a local firm in North Wales. Things haven't been plain sailing for me (I won't drone on in a self pitying manner about my hardships) but i will say I am experienced in ground maintenance (grass cutting) and some experience assisting guys with tree work but not a great deal of hands on myself. I have over the last two yearss aquired cs30,31,38 chipper, first aid, own ground saw and climbing kit.

 

Anyway, the guy wanting to give me a chance is not giving me a lot in the way of information about what he wants me to do, although the company has some decent contracts and he already has guys under him as self employed. He's already said he wants to see me doing mainly felling and to see me climb.

 

Anyway I'm rambling a bit now but I need advice about starting off being self employed and what preparation I would need to take. I am absolutely petrified of keeping my own accounts (as I am dyslexic) and at the thought of failing because of my inexperience but I'm very determined to excel in this industry and I have loved working in it so far.

 

I will try and find the advert and post it, but it may be missing now.

 

Any advice, links or nudges in the right direction would be massively appreciated.

[Dbikeguy]

Get an accountant, keep all your receipts and invoices sent. Hand the lot to said accountants and they solve the puzzle.
They can sort your tax return and advise on Nat ins contributions etc
if in doubt wether you can claim it or not keep the receipt. kit, ppe, fuel, car repairs.
keep a log of your mileage if using your own vehicle etc

[Boggle4137]

https://arbjobs.com/job-listing/5451

[treevolution]

Set up a separate bank account. All money that you earn will be payed into this account giving you your turnover.

Anything that you buy which can be an expense, use the bank card for this account so you have a record of outgoings, also keep receipts.

 

The bank statements can then be used by an accountant to do your return, remember that you can also put down any cost of training you have done.

 

Most importantly set up a savings account which you put 20% of your turnover in weekly as a standing order to have the money to pay your tax bill.

Remember that money is never yours, you are just holding on to it for the tax man.

 

 

 

 

[nepia]

Definitely get an accountant; it's said regularly on here.

He will claim relief for all kinds of things you never thought of and didn't know existed saving you a lot more money than he costs.

[Dan Maynard]

I think like a lot of things it's easier once you get started, all the above advice spot on.

One thing my climbing assessor said was to just be honest about your ability, he was fed up of people claiming to be hotshots and then doing something stupid. They are advertising for someone that needs to learn on the job so that's perfect for you. The only thing which might cause you to fail is standing around with your hands in your pockets when there's stuff to be done, unforgivable that.

[Mark Bolam]

All good advice above.

That and the fact that it’s illegal to work for someone full time on a S/E basis.

[Rough Hewn]

Have a chat with hmrc,
Remember they are there to help you.
I found them really helpful and relaxed.
They can explain a lot.
The first 3 years of being SE in the Uk, I only had paper invoice duplicate books. [emoji106]
No expenditure receipts.[emoji23]
Late tax return fines etc.
Forty minute interview with Hmrc accessor and he cleared the lot.[emoji3]
I'm so on it now.
Yes get an accountant if you have enough turnover.
Good luck [emoji106][emoji106][emoji106]

[eggsarascal]

My best advice would be to put everything on a spread sheet. Anything you spend, anything you get paid. Don't turn up at the accountants with a shoebox full of receipts. It will cost a lot more money. If you can't do this yourself pay a bookkeeper a small fee to do it for you. Good luck.

 

side note: Did you know the word bookkeeper is the only word in the English language with three consecutive double letters in it?

[Stubby]

9 minutes ago, eggsarascal said:

 

 

side note: Did you know the word bookkeeper is the only word in the English language with three consecutive double letters in it?

Fuck me dead  eggs . I never knew that ! ?