Becoming self-employed, Someone provide a list?

[0mega]

Hey everyone, I'm hopefully about to get my first apprentice/mate position after studying for 2 years. It will be on a self-employed basis, and having been in retail up till now it's quite daunting to think about how much will change.

I was hoping someone could provide a sort of 'What to do first' or 'What you need before you start' list. Not tools, ppe etc but things like insurance, HMRC registration etc.
What MUST I have to even start? What do I need to sort out ASAP?
Maybe a few links?

Heaps of thanks for any help!

 

[Leesparkykent]

Get your UTR number.

 

[telectrix]

you probably need to register with hmrc as s/e and get a UTR number from them so that your "employer" can deduct CIS tax@ 20%. you can claim expenses back from this when you do your annual tax return. however, 1 of the criteria with hmrc for being self employed is that you should not be tied to a sole "employer". this arrangement appears to be that your prospective employer is trying to get you to work for him on the cheap with no employment laws or employer's liability insurance to protect you. i'd be wary.

 

[0mega]

Well it's basically a friend of my brothers who runs his own company and has several electricians working for him. I'd say it's more my lack of understanding of self-employment law than him trying to do anything dodgy. My brothers a builder anyway so he'll know all about that lol
Is it unusual to work for someone else on a self-employed basis?
Excuse my ignorance it's something else to get to grips with and it's not something they teach you!

 

[newtothis]

having been in retail up till now

IF you’re in retail you may be familiar with zero hour contracts.

Your proposed setup would be very similar ‘cept no holiday pay and you pay your own NI
You already know about PPE, tools etc. No entitlement to SSP, you could look at insurance for this.
You'd have no employment rights, cos you wouldn't be employed.
That’s it, very simple.

Ideally you’d want to be paid a sufficient hourly rate to compensate for the above, and down times were you’re laid off.

There no big list, just ring HMRC with your details NI number and tell them your going to be self employed. They’ll tell you what you need to know. You can say you want only advice and decline to give your details.

I don’t know your circumstances, and it's none of my business. This SE setup could work for you, especially if you’re young free and single, with low outgoings, it might be bit scarier if you have regular heavy financial commitments.

You’ll be effectively submitting a bill or invoice for your wages, double check what the arrangements are for this. It would be good to get this in writing.

Good luck.

 

[Simonslimline]

If you subby to anyone make sure you get your CIS receipts.

Too many people out there take 20% off your pay and provide no evidence of whether they have paid it to HMRC.

 

[Matt E]

I'm in retail at the moment and just starting my training so it's good to see people escaping! ;-)

Good Luck 0mega!