Self employed

[Adam]

You could operates 'Robs tree choppers' as part of the Rainford contracting services group of companies. However if your dad is VAT registered you could be operating at a disadvantage to some other local tree co's (for domestic work) as you would have to charge VAT on all your work. If you set up as an independant company and operate under the VAT threshold then you will not charge VAT. You cannot however claim VAT back on your tools, fuel, etc if you are not vat registered.

 

BUT.....you can claim back the cost of your tools, fuel ppe ect from your tax bill as buisness costs. you dont need to be VAT reg to do that .

[RobRainford]

I thought you would have to be registered to claim it back?

 

It seems like it's a good option to go for. Work has been on the up recently and will be keeping me busy for a couple of weeks after my Time off.

 

Is it a good idea to have a separate bank account for these things though? Currently I've been using my personal one as that's all I've got. But was wondering if the bank would start getting suspicious? I can't see any harm, I'm not down as unemployed and don't claim anything. So to them it would just be wages paid irregularly?

 

I will be speaking to some official bodies to find out more

 

Thanks for the replies so far. Helped a lot in clearing the grey areas for me

[Frankie Lawrence]

I thought you would have to be registered to claim it back?

 

It seems like it's a good option to go for. Work has been on the up recently and will be keeping me busy for a couple of weeks after my Time off.

 

Is it a good idea to have a separate bank account for these things though? Currently I've been using my personal one as that's all I've got. But was wondering if the bank would start getting suspicious? I can't see any harm, I'm not down as unemployed and don't claim anything. So to them it would just be wages paid irregularly?

 

I will be speaking to some official bodies to find out more

 

Thanks for the replies so far. Helped a lot in clearing the grey areas for me

 

still go and chat with an accountant he can tell you everything you need to know

 

appologies for my repettive comment last night:blushing:

[Ian Flatters]

Don't forget you can be self employed but need to declaire you are within 3 months. This also means you can claim backwards for 3 months too. I bought my truck whilst employed then left and was able to claim the cost of the truck against my tax for that year.

 

All you really need to do is

1) go to you inland revenue centre and register, speak to someone there they are very helpful.

2) get a buisness bank account (can be a current account) if you like its easier to keep tabs on stuff. I also have a online savers account which i put my tax in so i don't spend it!!!

3) get an accountant and see what you can claim and what you can't.

 

Hope this helps a bit.

[Ian Flatters]

I thought you would have to be registered to claim it back?

 

It seems like it's a good option to go for. Work has been on the up recently and will be keeping me busy for a couple of weeks after my Time off.

 

Is it a good idea to have a separate bank account for these things though? Currently I've been using my personal one as that's all I've got. But was wondering if the bank would start getting suspicious? I can't see any harm, I'm not down as unemployed and don't claim anything. So to them it would just be wages paid irregularly?

 

I will be speaking to some official bodies to find out more

 

Thanks for the replies so far. Helped a lot in clearing the grey areas for me

 

Only worry about the date you say your self employed as if you pre date this you'll need to declare it, as im sure you would. Its just your accountant needs to see where things like salary go to for cross reference.

[John Shutler]

how old are you?

how much experience do you have?

do you really want to be self employed?

would it be better to be employed and gain some valuble experience first?

[BenC]

Best bet is to have a chat with an accountant. They usually don't charge for the first visit as they want your business. Ask some questions to get a bit of clarification on the subjects discussed above but don't sign up with him/her. Generally the first round of answers you get will lead to a whole raft of other questions. These you put to another accountant, and so on.

Once you have a good idea of the pros and cons based on professional advice you are more prepared to make a decision.

Be aware though, just like tree surgeons accountants come in good and bad varieties.

 

Haha I was going to suggest that as its what I do:thumbup:

[Mozza]

how old are you?

how much experience do you have?

do you really want to be self employed?

would it be better to be employed and gain some valuble experience first?

 

[Frankie Lawrence]

how old are you?

how much experience do you have?

do you really want to be self employed?

would it be better to be employed and gain some valuble experience first?

 

I would say the same but im sure he has been looking and just not found anything sureley this is the next best thing? learn the hard way and im sure making mistakes makes you better in the future

[John Shutler]

I would say the same but im sure he has been looking and just not found anything sureley this is the next best thing? learn the hard way and im sure making mistakes makes you better in the future

 

maybe