User Tag List

Thanks Thanks:  0
Likes Likes:  0
Results 1 to 6 of 6

Thread: Setting up as a Sole Trader as a 2nd Job - Advice Needed

  1. #1
    Regular Member logi6260's Avatar
    Join Date
    Dec 2007
    Location
    Wakefield
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    StatsVehicle Info
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)

    Default Setting up as a Sole Trader as a 2nd Job - Advice Needed

    Hi Guys,

    I've decided that i need a bit of an income boost and am looking to set up as a sole trader doing basic plumbing and tiling (did both as previous job) so am looking to set up as a sole trader and maybe work one or two of my days off each week.

    This will be fit in around my main job in which i am in full time employment, does anyone do this already who can give me some advice on what i need to do to register, tax ect.....

    Searches on the net have just confused me even more really so wanted some practical advice from someone who has taken this route.

    Cheers
    Last edited by logi6260; 3rd May 2008 at 12:05. Reason: Spelling !!!

  2. #2
    Regular Member Shazzle's Avatar
    Join Date
    Mar 2007
    Location
    Berkshire
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    StatsVehicle Info
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)

    Default

    You need to register as self-employed within 3 months or risk being fined (I think it's around £150). You can do this over the phone with the Inland Revenue.

    They also offer 2 free courses on becoming self-employed and filing your tax return. Both are definitely worthwhile.

  3. #3
    Regular Member chrisschild's Avatar
    Join Date
    May 2006
    Location
    Wiltshire
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    StatsVehicle Info
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)

    Default



    You can start up whenever your ready, but need to declare your self employed with Inland Revenue (I phoned my local office). This needs to be done with 3 months of Starting, or as said you get a fine (£100 when I started). When you do this they will offer you the free workshops, which I found very useful!

    As for tax, you will get a tax return form through each year (as they are now aware you are self employed). This needs to be filled in, with both Full Time & self Employed incomes/Expences (Refere to your P60 for employment).

    Then the amount of Tax you pay is based on how much you've earnt in BOTH jobs, minus what you've already paid through your employer.

    National insurance your already paying through your employer, so no issues there.

    Ive been both Full time & self employed since July 05. Key is just keep your records clear & safe (for 6 years!)

    Hope this helps,

    Chris

  4. #4
    On a Sabbatical VauxVeteran's Avatar
    Join Date
    Mar 2006
    Location
    Nicking Ya Dinner.
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    StatsVehicle Info
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)

    Default

    Hang the taxman mate, where does he come into it, a bunny job is a bunny job, taxman doesn't get his hands dirty on his days off does he, I'd say nowt for now, once you tell them you are doing something they pester you for years after you finish, all you need do for now is get some work in, if yer gonna get a sign written van etc then perhaps you should do it all properly, but see an accountant first so they can claim for tools,clothing and other expense, keep reciepts for everything you spend however small, and petrol ones too, coming and going still qualifies as an expense.

  5. #5
    Regular Member chrisschild's Avatar
    Join Date
    May 2006
    Location
    Wiltshire
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    StatsVehicle Info
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)

    Default

    With my role (mobile discotheque) and recently privatly purchasing a van, I calim back depreatiation value, insurance, public liability insurance, ppl licence, every piece of music i purchase (whether on the net or CD), equipment, consumables (light bulbs, fog/haze machine fluid). also a % for use of phone/internet, using home as an office, clothes, washing of said clothes, fuel (all of it as I can proove the van is purley business use, as I have other cars also privatly owned.

    There is an awful lot you can claim back, and you may find lots you can claim through your main employment, washing of uniform being one of them!

    Chris

  6. #6
    Regular Member logi6260's Avatar
    Join Date
    Dec 2007
    Location
    Wakefield
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)
    StatsVehicle Info
    Post Thanks / Like
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)

    Default

    Thanks Guys, some v usefull info.

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Bit of Advice needed
    By Alank in forum Troubleshooting
    Replies: 2
    Last Post: 17th July 2011, 14:26
  2. Advice needed please
    By lee shaw in forum Engine & Drivetrain
    Replies: 23
    Last Post: 1st January 2010, 17:34
  3. Microsoft have bought the sole rights to.....
    By PAULMAC77 in forum Games Room
    Replies: 2
    Last Post: 26th March 2009, 14:44
  4. advice needed
    By Graeme in forum Vectra C / Signum Car Chat
    Replies: 2
    Last Post: 7th June 2006, 16:34
  5. happy birthday lost-sole
    By ian_c in forum General Chat
    Replies: 5
    Last Post: 25th September 2005, 21:16

Visitors found this page by searching for:

Nobody landed on this page from a search engine, yet!

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •