Need to set up on my own

robsparky1975 · Jul 17, 2010

Hi everyone,i am getting made redundant at the end of the month,have put 1 job through labc,and will get another for my 2 jobs to show niceic or elecsa to register,but i am stuck on the rest,how did u guys start out?do i have to register with companies house as a sole trader/ltd company,ive always been employed with a firm so am a bit lost,have enquired with business link etc,but some feed back from established sparkies would be of great help,any help would be greatly appreciated.

mnmwill · Jul 17, 2010

1 major job usually enuf for em m8, cu change, new circuit, etc. As for the setting up on yr own, register with HMRC as a sole trader or if you want to go ltd straight away you can use an Internet based company (google incorporating a company), costs between £50 - £100 ish I think?

Also PL insurance a must, and if you will be carrying out PIR's then you will also need Professional Indemnity Insurance, I think there is a broker linked to the forum (sponsor maybe), have a look about.

Good Luck

robsparky1975 · Jul 17, 2010

Thanks for your advice m8,i will need all the help i can get,and some luck on the way

mnmwill · Jul 17, 2010

Try these for insurance Public Liability Insurance, Cheap Public Liability Insurance, Compare Public Liability Insurance, Public Liability Insurance Cover

I think if you ring em up and mention the forum you might get a discount??

SirKit Breaker · Jul 18, 2010

You are legally obliged to register as self employed with HMRC within 3 months of setting up.
Other than that you dont need to register with anyone else or take on the Ltd etc etc.

Obviously as a Sparky you may want to register on a Part P scheme.

As stated previously a variety of insurances will be required (mandatory for Part P schemes).

Speak to an Accountant, they know all the ins and outs about what you can claim for. Even if you are just starting out you can claim the cost and values of all the things you own but will be used for your business.
Mine costs me about £300 a year and save me an arm and a few legs, and even that cost is tax dedutcable

Good luck.

Cheers.............Howard

Guest123 · Jul 18, 2010

Agreed. If you can get a good accountant on board then come the end of the tax year he/she will be worth their weight in gold I can tell you.

For vehicle insurance I use CVD, and for PL and tool cover....Assure UK.

AIM · Jul 18, 2010

Free Accountant advice for 12 months available from Business Link [Chamber of Commerce] You also get a dedicated Business adviser for your first year who will help you with any issues relating to getting started.

Business support, information and advice | Business Link

Extract below from Directgov site:

What other help is available

From 22 February 2010, Jobcentre Plus has extended the package of support to help you become self-employed or start up your own business.

The support may be available if both of the following apply:

you are claiming Jobseeker's Allowance
you have been unemployed for 13 weeks or more

In addition to advice and coaching, support can include a self-employment credit of £50 a week for up to 16 weeks. This may be payable when you make the move into self-employment, giving you financial support during the early weeks of trading.
If you are interested, talk to your Jobcentre Plus personal adviser for more information.

---------------
Good luck to anyone setting up thier own business - it's not easy!

mogga · Jul 18, 2010

the Self employed route is encouraged by JCD as then if your buissness fails or as a CIS sparky you dont get enough work You cant sign on as the NI credits are of wrong class to go for contribution based jobseekers U might get income based JS