Self Employment

[Ross Turner]

This may be in the wrong place.

 

I am seeking advice on self employment,more so on the Tax & contributions side.

 

Thanks

[Ian C]

What are you trying to find out Ross

[Ross Turner]

What % do you pay for Tax & NI etc,Its just that im getting offered work on a self employed basis & want to find out things before i go for it.

[gibbon]

NI stamp is about £2.50 a week. If you put 15-18% of everything you put through the books in a savings account that will leave you plenty for your tax bill at the end of the year.

Thats what I did anyway when I was freelance climbing and it worked well for me.

[niftysteve]

the tax office now offer a budjet plan where you can pay a set amount each month had a leaflet with my last tax bill

think you can find out more about it at

HM Revenue & Customs: Home Page

 

then under quick links select paying HMRC

[Stephen Blair]

NI stamp is about £2.50 a week. If you put 15-18% of everything you put through the books in a savings account that will leave you plenty for your tax bill at the end of the year.

Thats what I did anyway when I was freelance climbing and it worked well for me.

 

put a fifth away for tax, keep ALL your receipts for work(nice and neatly in folders or on the computer), bank statements for all ins and out. including insurance, pensions, mortgages everything. a good accountant will sort it all out for you twice a year. if in doubt call the your local tax office, they are very helpfull and will help you. go to your local bank and open a business account, you will get at least 1 years free banking.

[Ross Turner]

Would i need PL insurrance or would i just work under the persons whos hired me in?

[Peter]

Always worth having your own insurance, PL and EL. That way you know you are covered.

[Ross Turner]

I wouldnt need EL as wouldnt be employing anyone,All im looking at is going contract climbing.

[Rupe]

Hi Ross. You might find it difficult gettign PL insurance without EL as you need to have someoen workign with you and they are employed by you if its your job. If your workign with soemoene else on there job then you are the someone else, so you don't need any insurance as you are working on theirs.

 

If they sub out a job to you, and you complete the job yourself with a groundie then you need all the insurance.

 

This is the problem, confusion comes in where people say they work as a subbie climber. There is no such thing as a subbie climber. Your either a self employed (free lance) climber or a subbie. A subbie has groundies and all the kit available to do the job independandtly of the main contractor and therefore needs insurance.

 

Of couse you might want to work free lance, AND take on the odd job on your own here and there, in which case you could do with insurance for your jobs but its not worth it, just don't take on anything risky withou it.