Going out on my own!!

[coxyboy]

Hi all.

the question is shall I go it on my own??

ive been fully qualified for over ten years now. Including my 2391. For the past 2 years I have been subbing off the same firm and they have kept me busy. Only having days off when I needed them. So I'm abit caught in two minds weather or not to jump ship?
and if I do jump ship what are the hidden costs / things I should be aware if doing so.
ie what insurances do I need.
ive set up as a ltd company -is that the right way? Do I need to be vat registered?
what part p company to go with etc?

There's probably loads of bits I've missed or not even thought about so any advice / guidance would be very much appreciated

many thanks in advanve
darren

 

[Octopus]

Peruse this section - tons of advice, done over and over

My usual question:

How much money have you in the bank?
How long can you last earning little of no money?

PS why have you set up a Ltd company? being a Sole Trader is far easier

 

[coxyboy]

Do you mean if work drys up?

 

[Octopus]

Do you mean if work drys up?

Not sure what you mean? If you have been subbing for the same company for 2 years best not tell the tax man as you are in breach of IR35

 

[coxyboy]

Not sure why I set up as a ltd company. This is where I am very green on this side of things but I am keen and eager to earn

 

[coxyboy]

I'm paid via some sort of payroll company as a sole trader in my own name

 

[Anthony S]

Hi all.

the question is shall I go it on my own??

many thanks in advanve
darren

No

Because you ask to many Questions having done little research of your own and therefore not ready for it imo

 

[Leesparkykent]

I'm paid via some sort of payroll company as a sole trader in my own name

Hudsons?

 

[coxyboy]

I reason I asked for many questions is because I wasn't too sure how this website works but Murdoch has explained it a little better for me. I now after playing around with the right forum I can see that you can do a search for most matters you require a answer to.

 

[uksparks]

Why do you say it's easier being a sole trader than limited? I owned and ran a limited company for over 14 years, it's a piece of piddle.

 

[uksparks]

My old business was VAT registered and I did all the PAYE, returns the lot and first stage prep on accounts, in talking of a turnover of over half a million and VAT bills every quarter of Round £7k, now it's easy enough so long as you don't start to diddle the tax man, just stay 100% honest and you won't get bitten.

if you think you can fix things to avoid a bit if tax you are a fool. It always catches up with you, every time.

I am a limited company and did it for my own protection plus I feel it might look a bit more professional too.

 

[Leesparkykent]

My old business was VAT registered and I did all the PAYE, returns the lot and first stage prep on accounts, in talking of a turnover of over half a million and VAT bills every quarter of Round £7k, now it's easy enough so long as you don't start to diddle the tax man, just stay 100% honest and you won't get bitten.

if you think you can fix things to avoid a bit if tax you are a fool. It always catches up with you, every time.

I am a limited company and did it for my own protection plus I feel it might look a bit more professional too.

Was your old business in this sector as well?

 

[uksparks]

No totally unrelated.

 

[uksparks]

Yes, actually it was probably more than that nearer the end towards when I dold it having thought about it, when we did £250k turnover about 6 years ago it was about £4.5k each return, actually it must have been more than that then, probably £8k, whTever, but it was around thT sort of figure roughly speaking, it's been a while since being involved with it. I used to have to deal with imports of around £45k from Australia and have to deal with all that issue too, plus selling all over europe, it got quite complicated actually.

 

[marc8]

Coxyboy
whats your location ?, depending on your area & your ability to work, I may have some part time work whilst you get going pm me if interested & if not good luck hope it goes well.