Setting up!

[tux130582]

Hey Guys hows it going!

Been doing alot of lurking on the forum recently. Hopefully this is the correct forum!

Just wondering if I can borrow some advice...................


I got my 2391 done my apprenticeship etc JOB Approved electrician.

Is there any clear guides on what I need to trade? going back to basics

I understand I need Liability insurance, maybe imdemnity insurance? where is the best place to search for this? i

Its been along time since college am i right in thinking the only work notifiable the work in domestic premises in kitchens bathrooms outside etc? I presume this would not be the case for commercial work? eg if I installed a new circuit in a commercial environment (or a domestic environment that didnt affect part p) I could complete the BS7671 Test forms and issue them to client without being a member of a scheme?

Also what would be the situation with tax etc if I go ligit!? do I just complete a tax return at the end of the year?

Im sure i got more questions but Im not sure what to ask! lol

Thanks!

 

[robsparky1975]

Have a look in the business related section,you will find most questions covered

 

[trev]

As far as the electrical side goes you're pretty much bang on. As far as the tax return stuff, go see an accountant mate I know most of them are as dull as dishwater but they'll give you an hour or two free or cheap advice that can prove invaluable in the long run

 

[telectrix]

you seem to have it mostly correct. as regards part p schemes etc., there's more to the notifiable work than you say, but you're right, it don't apply to commercial/industrial. as for tax, you need to know what you can claim for. a good accountant might be worth while employing. e.g. you can claim part of your household bills/rates etc. if you work from home. if your better half is a hpusewife, you can pay her around £140 a week as secretary/bookkeeper etc. without tax& NI.

 

[TaffyDuck]

Assume you mean JIB?
Either way you are right in your assumption that Part P is for Domestic work only. Public Liability is a must, Professional Indemnity is advisable but not essential. Yes you can issue certs without being a memeber of the scheme as long as you are competent to do so. Comm/Ind obviously but if working in notifiable jobs in domestic there should be building regs approval so for that you can pay the council to come out and check it which is expensive or go Part p and do it yourself. You have 3 months from starting trading to notify IR that you are self employed.

 

[TaffyDuck]

you seem to have it mostly correct. as regards part p schemes etc., there's more to the notifiable work than you say, but you're right, it don't apply to commercial/industrial. as for tax, you need to know what you can claim for. a good accountant might be worth while employing. e.g. you can claim part of your household bills/rates etc. if you work from home. if your better half is a hpusewife, you can pay her around £140 a week as secretary/bookkeeper etc. without tax& NI.

Bugger my accountant said I could only get away with £500 a year as my turnover is under 100k. Time to have a chat me thinks

 

[Octopus]

Agree, look in the business section.

This thread is worth a read, if nothing else but for a giggle, but do read them all as it pretty much sums up everything you will need to think about!!

http://www.electriciansforums.net/e...um/50548-finding-myown-work-6.html#post466562

 

[tux130582]

Cheers guys,

murdoch, ive actually just finished reading that thread! it was a good laugh but some of it made me think!

One thing i really cant get my head around is that I can do certificates for commercial / industrial, PIRS and Installation certs but not domestic without being a member of a scheme! Seems a joke really.

With regards to going self employed does anyone know how it works when im already on the books for a company PAYE? is it just a case of being self emplyed for this " second job"? or would could the money just get paid into the business with no wage taken? with no tax implications?!?......i can feel a meeting with an accountant coming on!

can anyone recommend any places to get liability?

would setting up a company be done in companies house? if I am already employed would the best way to setup be a sole trader? or limited company? I dont have a clue about this sort of thing.

cheers for the help!!! gonna read the business section now!

 

[TaffyDuck]

Cheers guys,

murdoch, ive actually just finished reading that thread! it was a good laugh but some of it made me think!

One thing i really cant get my head around is that I can do certificates for commercial / industrial, PIRS and Installation certs but not domestic without being a member of a scheme! Seems a joke really.

With regards to going self employed does anyone know how it works when im already on the books for a company PAYE? is it just a case of being self emplyed for this " second job"? or would could the money just get paid into the business with no wage taken? with no tax implications?!?......i can feel a meeting with an accountant coming on!

can anyone recommend any places to get liability?

would setting up a company be done in companies house? if I am already employed would the best way to setup be a sole trader? or limited company? I dont have a clue about this sort of thing.

cheers for the help!!! gonna read the business section now!

Mate if you havent got a clue about this sort of thing you`d better get a clue. Being self employed is no picnic, you have to live it, 24 hours a day, if it goes wrong you cant walk away either. The buck stops with you. No problems being self employed and having a PAYE job, obviously you have to pay tax, especially at the moment cos the taxman is tageting sparkies as of this month like they have with plumbers over last 2 years. You are best to talk to an accountant and get professional advice it will pay in the long run. Setting up a company is a big deal so probably best to be a sole trader to begin with. Loads of companies do PL insurance, probably cost a few hundred quid, you can add tools and also I suggest temporary employee cover. You may not think thats necessary but you get a bloke to foot your ladder or hold a cable reel and he is technically an employee, if he gets hurt you`ll have every ambulance chasing lawyer within 10 miles on your doorstep within a week

 

[Dave 85]

If you plan to take on domestic work, legally on a regular basis you wont get very far without Part P, its not really hard to get though tbh. Commercial/industrial no registration required BUT a lot of big companys, I believe, specify full scheme NIC or ECA to satisfy their insurance policies. Tax return end of year is all you need to do, just show the accountant what you spent and what you earned, cost about £300. Public liability I use towergate, about £120 a year.

 

[needasparks]

I found it cheaper getting married and having kids than setting up a company on my own, and that was years ago. God knows how much it would cost now, scary thought.

 

[Dave 85]

And with regards to the thing about Part P being silly cos it lets any T, D or Harry do commercial, well yes it is silly. I guess it was a kneejerk reaction because there were so many oddjobbers doing a bit of DIY electricis in houses whereas in commercial/industrial it just wasn't going on so much for obvious reasons.

 

[Dave 85]

I found it cheaper getting married and having kids than setting up a company on my own, and that was years ago. God knows how much it would cost now, scary thought.

6 to 8k

 

[needasparks]

6 to 8k

You must have cheap kids then, did you buy of ebay ?

 

[Octopus]

And another overhead you should consider is sickness cover, i.e. a policy that would pay out in the event you can't work for a period of time.