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Another self employed thread!


Jack.J
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Hi Everyone,

 

Another thread on the self employed stuff. Reason being I'm struggling to find some of the other threads that have passed so any links to those would be great.

 

Main questions are:

  • how do I register?
  • what insurances do I need as I will be subbing myself to other companies etc?
  • is it worth getting an acountant? or are books fairly easy to keep yourself?
  • can I claim back VAT on things purchased for work i.e. fuel, travel expences, new chains/ gear etc?
  • any useful hints & tips?

Thanks alot for help that comes in guys :001_smile:

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Register by telling hmrc.

Insurance, not entirely sure as I'm in a slightly different industry but hazard a guess that you only need public liability.

Books are easy. Get a ledger, put everything you spend in one column and everything you take in another. One column is turnover the other expenses. Subtract one from other and you have your taxable income.

You can claim vat back on everything you pay vat on if your vat registered. This means you then have to charge vat to people employing you. You need to think if it's worth it. If you are mainly subbing, it would make you an unattractive subbie, as you would have to be paid more. I keep my self under the vat.threshold, this can make me cheaper than my competitors but does mean I can't claim vat back on purchases.

Hope this helps

James

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1 call HMRC and speak to them

2 if you are a bonifide subby then yes you need Public liability insurance, also get yourself some personal insurance if you get ill or hurt yourself it will give you some income.

3 yes its worth getting an acountant

4 you can only claim VAT if you are registered for vat.

5 only go self employed when you can confidently say , yes i can do that without seeing the tree.

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Stephen.

 

Why do you say 'only go self-employed if you can confidently say I can do that without seeing the tree'?

 

If a firm wants to hire you, they don't want to wait till you've looked at the job to say yay or nay if you're not confident you can do it.

Overconfidence on the other hand is also no good, I've had subbies that were not as capable as they'd made out/ I expected and they don't get hired again...

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Stephen.

Why do you say 'only go self-employed if you can confidently say I can do that without seeing the tree'?

 

 

If a firm wants to hire you, they don't want to wait till you've looked at the job to say yay or nay if you're not confident you can do it.

 

Excellent advice

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Stephen.

 

Why do you say 'only go self-employed if you can confidently say I can do that without seeing the tree'?

 

you need to ask?:confused1:

When i decided to go self employed i vowed i wouldnt walk away from any tree.

I cant call myself a climber if i am not prepared to climb whatever is out there.

In 17 yrs i havent walked away from 1.

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Depends what you're charging. I don't see any reason you can't be a self employed tree surgeon starting out, as long as you charge accordingly and are clear about your abilities.

 

I did 5 years self employed as a grounder and distinctly average climber - I just didn't charge much so people didn't expect me to anything and everything.

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