Going self employed. Advice needed please

You may have read my post concerning age discrimination and the problems associated. Well , maybe self employment may be an option for me. My first question would be rates of pay. How would I negotiate a fair deal.?
Would the same rate apply throughout or would overtime pay be applicable?
Is it beneficial to have direct contact with the haulier?

I would greatly appreciate any sound advice .Thanks.

What aspect of self employed are you considering?
Owner/operator?
Labour only via agency or direct?

There are many threads on these forums dealing with the various aspects of S/E and the arguments for and against each

Thanks Pierre, forgot about that!!

Definitely labour only .Agency or direct ,whatever is beneficial

Labour only then you have 2 options
Ltd Co status… Giving you total independence and all the headaches involved with bookkeeping etc
Or PAYE on agy Inc P 87

peirre:
Labour only then you have 2 options
Ltd Co status… Giving you total independence and all the headaches involved with bookkeeping etc
Or PAYE on agy Inc P 87

You appear to be missing an option, pierre. :unamused:

no headache for ltd company
have a look here or ask an accountant to do it for you
then you need to open a buisness bank account, loyds is easiest one to open
i do timesheet and an invoice for the agency every week and keep a note of my milage+expences (workwear,stationery…etc)
at end of the year, i give invoices,receits,phone bills,bank statments and a cheque (£455) to my accounttant and he does the rest

Hi mate, from my experience being S/E (as a subbie 7.5T driver), the biggest thing to tell you is keep records of EVERYTHING!!! One of those Day-to-page dairies will get you into the habit of writing down everything, everyday. Come the end of the Tax year, you will have no anxiety over having missed something. The most innocuous of things can have implications to the taxman, even if at the time it seemed irrelevant. Having an accountant before you get started is a great idea, I would personally visit local solicitors premises, it’s good to get a feel for one, and any legal issues you might run into can be dealt with by a firm you’re comfortable with from the off. Lastly, Third party/Indemnity insurance. Clarify with your customers if you are expected to have it. Sounds daunting, but I’ve been there, thinking it was a cinch, then comes 1st april, then brown trousers time :blush:

Rob K:

peirre:
Labour only then you have 2 options
Ltd Co status… Giving you total independence and all the headaches involved with bookkeeping etc
Or PAYE on agy Inc P 87

You appear to be missing an option, pierre. :unamused:

Yeah it’s called the search box, ya know that thing up at the top RHS
I’ll just dust it off so the OP can use it … There ya go, all ready for use :unamused:

Going self employed. Advice needed please: Don’t unless you want years of hassle with taxmen etc. Stay with eBay until you can get work as employee. If you are self employed & have a downturn ,its 6 months before you get dole money. If you don’t sign on the taxman assumes you were working - you have to prove you were not. No paid holidays or sick pay. The list of penalties against the self employed goes on & on.Once you fall foul of the taxman he can demand accounts going back 20 years. Remember the taxman can access you & its up to you to prove them wrong. self employed in UK - never. Unless there is enormous wonga involved.

harry:
…The list of penalties against the self employed goes on & on.Once you fall foul of the taxman he can demand accounts going back 20 years. Remember the taxman can access you & its up to you to prove them wrong. self employed in UK - never. Unless there is enormous wonga involved.

Do everything ‘by the book’ and you shouldn’t ever have a problem with the tax man.

Not sure where Harry is getting his info from about going back 20 years? Self employed are only required to keep accounting records for 6 years although one of my former clients was advised by the tax inspector that he would go back to 1949 if he so wished!

Penalties are only charged when a Tax Return is found to be incorrect. If you can verify with written or other evidence that the Return is correct, then you have nothing to worry about.

Just a bit of ‘scare mongering’ from Harry if you ask me!

The 20 years was G Browns idea, it used to be 7 years… Penalties are incurred if the accountant sends the accounts in late even if they are spot on. Proving that you didn’t earn the amount the taxman randomly picks out of the hat is your problem. For instance, He will ask 10 questions, you will answer them all. He will pick one for you to answer again ,when you answer he will ask 5 different questions on that answer & so on until he gets dosh out of you. You are not eligible for State support for 6 months after signing on. Not scaremongering ,just facts.
I have been owner/driver, self employed casual, employee, & employee is the most profitable & hassle free of them all.

Harry, I’m not sure where you’re getting your information from.

Tax inspectors do not pick random questions - they will ask all the questions that are relative to their enquiries in order to establish your correct income. They will then make an assessment based on any further information supplied. If you do not agree with that assessment, you have a right to appeal and can have your case heard before the General Commissioners, a body of independent professionals (solicitors etc.) who mediate between the taxpayer and HM Revenue & Customs.

As for the length of time you have to keep records, this quote is taken from the HMRC website:

"You must normally keep your business records for five more years after the normal filing deadline of 31 January. This date applies even if you’ve sent in a paper tax return.
For example, for a 2009-10 tax return filed on or before 31 January 2011, you must keep your records until 31 January 2016.
But if HMRC sent you - or you sent back - your tax return very late, you may need to keep your records for longer. You need to keep them until the later of:

  • five years after the normal filing deadline
  • fifteen months after the date you sent your tax return"

I suppose Harry, you will tell me I’m wrong! I’ve only been an accountant since 1989 and been on the winning end of more tax investigations than I care to remember!

If anyone wants to attend any of the free courses held throughout the year, organised by HMRC business education unit. All the relevant rules will be explained to you in plain English

Its really funny, I made a long & detailed account of what happened to me & then pressed the wrong button & wiped it! Water under the bridge!! :laughing: :laughing:
not discussing self mutilation anymore- god has spoken. :laughing:
If this gets wiped then…