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About 9 months ago i basically walked out on my job after 13 years and have been looking to do something else,i have been unemployed for 9 months now and have a couple of ideas bouncing around in my head,the thing is i have been offered a job,great money but its 7 days a week,its a dayshift job and its working for a freind of a freind who has his own buisness,The job requires me to go self employed,now do i have to go self employed straight away?or do you get a time period or can you make so much?also do i start paying tax straight away?any info would be great as i aint got a clue!i was thinking of giving this a go,and if its not for me i can always go back to my other plans.
You pay your tax 1 year in arrears, so just make sure you save a few pennies through the year to cover it at the end. You also need to register as self employed with the tax office and pay your NI contributions. The easiest way is find out where your local business enterprise trust or equivelent is and they will walk you through it free of charge and provide all paperwork and advice you will need. You are best talking to them whatever as you may be eligeable for various grants(I was and 2k of free money is worth it).
Good luck!
About 9 months ago i basically walked out on my job after 13 years and have been looking to do something else,i have been unemployed for 9 months now and have a couple of ideas bouncing around in my head,the thing is i have been offered a job,great money but its 7 days a week,its a dayshift job and its working for a freind of a freind who has his own buisness,The job requires me to go self employed,now do i have to go self employed straight away?or do you get a time period or can you make so much?also do i start paying tax straight away?any info would be great as i aint got a clue!i was thinking of giving this a go,and if its not for me i can always go back to my other plans.
No offence mate but after 9 months you've got a couple of ideas!
Thats a long time.
IMO take the job, write down your ideas, and work on them at night.
Try your ideas out on a part time basis, if it works cut your hours back (you are self employed) and take it one step at a time.
Other than that, thats my bag i'm afraid. If it works and makes loads of money I want in!!
Good luck.
No offence mate but after 9 months you've got a couple of ideas!
Thats a long time.
IMO take the job, write down your ideas, and work on them at night.
Try your ideas out on a part time basis, if it works cut your hours back (you are self employed) and take it one step at a time.
Other than that, thats my bag i'm afraid. If it works and makes loads of money I want in!!
Good luck.
lol noo noo noo i have had these ideas for some time,and i aint been sitting on my arse for 9 months not being able to get a job,i have totally gutted a flat i owned and sold it,then i moved home and done the place i live in now up,all this was planned it wasnt a case of packing my job in and then not being able to find work,i do plan to take this job as id be silly not to,but i need some info or feedback as i never been self employed before:)
You just register with HM Revenue & Customs and they will send you a pack through. Or you can do it online
http://www.hmrc.gov.uk/startingup/index.htm
You can also pay your NI monthly by direct debit as well.
As you'll be self employed you pay your tax in one hit and your return has to be completed by a certain deadline. For each day over they can fine you.
My wife has done it has no bother with it. :)
You just register with HM Revenue & Customs and they will send you a pack through. Or you can do it online
http://www.hmrc.gov.uk/startingup/index.htm
You can also pay your NI monthly by direct debit as well.
As you'll be self employed you pay your tax in one hit and your return has to be completed by a certain deadline. For each day over they can fine you.
My wife has done it has no bother with it. :)
ahh thanks for that mate:)
lol noo noo noo i have had these ideas for some time,and i aint been sitting on my arse for 9 months not being able to get a job,i have totally gutted a flat i owned and sold it,then i moved home and done the place i live in now up,all this was planned it wasnt a case of packing my job in and then not being able to find work,i do plan to take this job as id be silly not to,but i need some info or feedback as i never been self employed before:)
Sorry fella,
I didn't mean to imply that you were a work dodger.
I just think IMO, you need to sort out your ideas first before making your livelyhood out of them.
Sorry fella,
I didn't mean to imply that you were a work dodger.
I just think IMO, you need to sort out your ideas first before making your livelyhood out of them.
lol the ideas are sorted to be honest,and ready to try out,but i feel if i give this job 6 months and decide against it then i can still go back to them,the thing is i'll be my own boss,and i would like to see how things go,but i aint never had a clue about being self employed etc
Let me know how you get on - I did the same last November.
I too haven't bothered to get a job and don't have a clue what I want to do next.
Am thinking about maybe retraining as a plumber.
And before anyone says "sponger", I'm not claiming a penny - not even my NI contributions. :)
Sponger. Get a job you work-shy parasite.
Makes me sick.
:innocent:
Let me know how you get on - I did the same last November.
I too haven't bothered to get a job and don't have a clue what I want to do next.
Am thinking about maybe retraining as a plumber.
And before anyone says "sponger", I'm not claiming a penny - not even my NI contributions. :)
same as me mate dont get a penny:)
Sponger. Get a job you work-shy parasite.
Makes me sick.
:innocent:
pmsl i was trying to catch up:d
Sponger. Get a job you work-shy parasite.
Makes me sick.
:innocent:
:p:p:p:tongue:
As Doug says, it is easy.
Get the self employed form and fill it out. then set up a direct debit for your NI contributions (£8 - 10 a month) Register online to do an online self assesment tax return, if your finances are fairly simple you can do a quick return.
As self employed you need to keep check of all your receipts and finances for everything related to your work, and keep them in a folder, i like to have folders for each month of the tax year and put all invoices and receipts in to said folders.
You also need to keep them for 5 years !
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