Setting up on your own, how did it go for you?

[Guest]

but I do admire you guy's who have & I hope you reap the rewards of all the effort. 

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So do we

[Smart Electrics]

I would like to say that if you do go self employed don

[Guest IM_Alarms]

Woosh

You sound professional to me, but you know what I was getting at

Smart1, shouldn't your signature say,'' If in doubt, swap it out'' if you are on BT?

[Smart Electrics]

You sound professional to me, but you know what I was getting at

Smart1, shouldn't your signature say,'' If in doubt, swap it out'' if you are on BT?

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cheeky begger. Depends what day and what time lol

[Chris Teague]

Smart1, shouldn't your signature say,'' If in doubt, swap it out'' if you are on BT? 

IM, that should also be "Any two's a pair"

Chris

[Guest MrMcauber]

Well, I started up in April 1995, so I've been doing it for a touch over ten years now...

I would hope never to go back working for others, but there have been times when things have been really bad!

If your thinking of starting in 2 years or so, I would say your starting NOW! You see, you should not think about clicking into buisness mode one day in the future, use these next two years to cultivate the ground, start making contacts and if neccessary start doing some jobs for people over weekends or during your holidays (build up a reputation).... If you dont want to give up your time off, dont go into business as in the early days you probably wont have any, even if you have no clients.... because no clients means you should be out there 24x7 trying to get some.

However no matter how well you plan, there can always be unexpected problems. We opened a recruitment arm about 7 years ago and all was going swimmingly, until there was a slight dip in the economy and two local businesses who owed us money went under, and a few others struggled to pay..... The ones that went under nearly dragged us down and it took me about 3 years to get back to not owing money!

Just to re-iterate whats already been said by some, I would say a good accountant is a must! And by good I dont neccessarily mean one whos going to squeeze every ounce of cash out of your tax return for you - by any means - I mean one who understands business and doesnt mind telling you when your making a mistake.... My accountant is a god send, they handle everything and when I pass an idea by them that I thought up over a few beers the night before, they have no problem telling me not to be a plonker and then explain why it's a really bad idea... Not all will do that I know, but its worth asking around other business owners and find out what they think of their accountants, dont just go to the first one you hear of.

Gary

[Guest IM_Alarms]

True about the accountant's advise, I've had a few **** ideas too, Gary!!!

[jonnyboy]

thanks again for the replys I'm finding it really helpful

As MrMcauber suggested I was thinking of actually starting up whilst still working for my current firm (does anyone know if your taxcode will change and give the game away??!?)

Also re uniform etc I could not agree more. The first company I wokled for in this industry didnt provide a uniform OR a company car, you felt a right pikey at times going to some of the more upmarket places. Where I work now is much more like it, you get sent home if your not clean shaven never mind not having a uniform. I wouldnt even attempt to do any work without getting myself properly kitted out. Not sure about vehichles yet though would probably get something like a 206 or MG van (I have a Turbo megane at the moment which uses more fuel than I would make on the job!)

[Rich]

thanks again for the replys I'm finding it really helpful

As MrMcauber suggested I was thinking of actually starting up whilst still working for my current firm (does anyone know if your taxcode will change and give the game away??!?)

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You have 3 months after working for yourself to inform the inland revenue, and a year before you have to pay tax. Your first 6 to 12 months will be spent finding work and networking, trying to get known.

Best thing would to be just act like you are self employed, because going self employed on a friday doesnt mean you will earn enough to take a wage at the end of the month.

Are you wanting to just register as a sole trader or as a limited company?

It really would be worth booking an appointment with the local business centre and business link for some preliminary advice.

[amateurandy]

You have 3 months after working for yourself to inform the inland revenue, and a year before you have to pay tax. Your first 6 to 12 months will be spent finding work and networking, trying to get known.

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To be precise you have to tell the inland revenue before the end of the month 3 months after the month in which you start working as self-employed. So, start in April, tell them by the end of July.

Preparing, planning, networking, etc doesn't have to count as having started.

You have to pay class 2 NIC's from the start date at about £2 per week.

And don't forget that when you're assessed for tax you pay both Tax AND Class 4 NIC on your profits over the nil rate band. So there are 2 types of NIC that you pay. Overall similar deductions to being employed; don't expect anything else.

As noted above, talk to Business Link -they're really helpful.