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taking the plunge and going self employed

 
 
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saff
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Joined: 21 Nov 2010
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PostPosted: Sun Nov 21, 2010 1:24 am    Post subject: taking the plunge and going self employed Reply with quote

Hi all; I was just wondering if I could pick some brains for advice!

I'm finally deciding to take the plunge and go self employed for a few reasons - it's been my ultimate goal, and I'm shortly moving my job for many reasons, so seems a good opportune moment.

I'm due to speak to an accountant soon, but im not too sure what exactly I need to be aware of! VAT reistration seems unnecesary as for what I'll be doing I wont be purchasing much in the way of consumables or advertising etc and will be nowhere near the threshold.. I'm not sure if I need PI insurance but have quotes for it and people and products etc - I was just wondering if people had any pointers as to what sort of things I need to consider that I may have missed, that I need to know/do to get set up as a sole trader?

What are the tax inplications - I'm currently working full time for a company, and plan to start up my self employed business slowly, phasing out the full time job for mid next year to give me time to adapt and settle..

sorry it's all a bit vague, as you can probably tell, I'm very new to all this!!
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Kay
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Joined: 07 Jan 2009
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Location: Mostly SE Asia
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PostPosted: Sun Nov 21, 2010 6:21 am    Post subject: Reply with quote

Good luck with your transition from being an employee to becoming self-employed. As you're aware, there's quite a lot involved.

You could try breaking it down into manageable chunks and ask separate questions about each.

Also have a look at the HMRC site:
http://www.hmrc.gov.uk/index.htm

And look at advice for startups:
http://www.startups.co.uk/
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saff
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Joined: 21 Nov 2010
Posts: 8

17 ants

PostPosted: Sun Nov 21, 2010 1:40 pm    Post subject: Reply with quote

Kay wrote:
Good luck with your transition from being an employee to becoming self-employed. As you're aware, there's quite a lot involved.

You could try breaking it down into manageable chunks and ask separate questions about each.

Also have a look at the HMRC site:

And look at advice for startups:


thanks Kay, much appreciated Smile

some really helpful stuff on there. that's what I'm trying to do to be honest,

I suppose I'm basically trying to put a bit of a checklist together.I'm going to have a sit down with an accountant and have a look from a tax perspective.. got things like the self employed registration and business account set up :- as I'm going into more of a consultancy environment I'm not looking to raise equity so don't need to write a business plan for that purpose but have to help focus myself and outline a few goals.
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John Ashtone
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Joined: 03 Oct 2012
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Location: Wakefield, Yorkshire UK
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PostPosted: Fri Oct 19, 2012 10:16 am    Post subject: Reply with quote

You need to register with HMRC and let them know you are self employed.

The VAT threshold at 2012 is 73,000, so if a business reaches that (actually there are slight quartley variations) you MUST register with HMRC for VAT.

That said there are occasions when it is in your own interst to register before that, many shops do so in order to claim VAT back, also some Building trades and others cannot register because they end up being paid by HMRC and that isn't in the Exchequers script.

Look to making sure you will generate cash flow, it is often something that drives good businesses out of business, not having the cash coming in to keep trading, it is no good making good profits on paper if it is in someone elses bank account and not your own.
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