Do need Insurance if going self employed??

[beatboaby924y]

Hi Guys,

I was thinking of going self employed and starting up for myself mainly doing domestic work and was wondering if you would need insurance for the work I carried out? Also if I did need insurance what's it called and roughly how much would it cost?

I was also hoping for advise on buying a van, ladder,steps and test instruments, is it better to buy them first before registering as self employed or after and claiming tax relief on them or can you claim for stuff you bought before registering?

Thanks in advance, really need advise as I have always worked books in.

Robert

 

[telectrix]

1. you must get public liability insurance. around £100 for 2mill. cover.

2. buy all the gear you need to start up, save receipts and enter in your accounts when you start trading. you can claim for anything purchased prior to starting up.

3. for tax purposes, you don't need to save all your receipts for fuel, repairs, van insurance , road tax etc. log your mileage when you start trading and at the end of the financial year. taxman the allows you so much per mile.

 

[topquark]

^^^ as Tel says assuming you're opting for sole trader.

You may also want to consider professional indemnity insurance, particularly if you do a lot of PIR/EICR work.

 

[Octopus]

Presumably you're going to join Elecsa, Napit or NICEIC and they insist on insurance.

With regards to being self employed I think you have to tell HMRC within 90 days of going self employed but obviously the sooner its done the easier it will be.

"start up costs" if my memory is right, can include purchases made prior to your "business year" starting - so if I were you I'd get organised and kick off on the 1st of a month - this way reconcilliation will be far easier for the rest of your self employed life.

Good luck

 

[madmac]

I know you are setting up as a business on your own right but have a look at this if any of you go bogus self-employed via a company or agency:If you feel safe in your job ... read this - Investigations

 

[beatboaby924y]

thanks guys

 

[beatboaby924y]

I think I will go to Business gateway to see if theirs any "free money" going a begging, although I doubt it. I think they would be able to help me with what has and hasn't got to be included in my accounts. How to work out my overhead cost's and what I have to be making weekly/monthly to make doing it being worth my while. Also how to set my books out to look alright with avoiding having to pay to much tax. Any advice is appreicated.

 

[brett1988]

Yeh that's right im in the middle of doing it now, you need £2 mil public liability, and also if your testing and inspecting you need to get Part P Registered, its £444 with Elecsa i know that. Then after a year you can join NICEIC or ECA etc.