start up costs

[Guest125]

Fair point. But for the First year it would need to be taken into account.

 

[pennychew]

Scary when you add it all up!

 

[Guest125]

And I bet we have forgotten loads.

 

[GMES]

And I bet we have forgotten loads.

How about Tax and National insurance for starters

 

[Guest125]

How about Tax and National insurance for starters

Impossible to say until the income is worked out.

 

[pennychew]

When I think of costs I just add up things I will have to pay regardless of If I make a profit or not.

 

[pennychew]

Just operating costs if you know what I mean

 

[GMES]

Impossible to say until the income is worked out.

so you wouldn't put some away each week in preparation

 

[pennychew]

My plan was to stick 20% out of every invoice received away in a separate account but it never happens!

 

[pennychew]

Before I get thrown to the wolves can I just add for the benefit of anyone reading this that I'm not self employed as an electrician!

Edit - or a DI or an Engineer, it's a minefield this!

 

[Guest125]

I get stopped 20% CIS at source so that covers that side of things.

 

[uksparks]

£3k - van
£1k - van insurance
£300 - PL insurance
£200 - clothing
£150 - ppe
£350 - livery
£1k - tools
£500 - scheme
£2k - fuel
£200 - road tax
£500 - MOT service etc
£350 - phone
£200 - office supplies etc

i don't agree with that as such,

£250 - van insurance (fully comply protected)
£200 - PL insurance
£200 - clothing
£75 - ppe
£0 - livery
£500 - scheme
£2k - fuel
£200 - road tax
£200 - MOT service etc
£350 - phone
£200 - office supplies

if you are paying £1k for van insurance you are being had. I pay £250 fully comp with protected no claims, and that's not even my main car.

As for tools, I spent probably £12000 on tools in total, annually I do but kit so not sure what figure to put on it but do t class it as running costs.

i think to say £500 on MOT is too much.

Livery, I presume you mean van signage? This was in the startup cost, I had the entire ban fine for £80.

 

[uksparks]

And why a load of you are leading vans is beyond me, it's false economy. I paid £800 for my van and It owes me nothing.

 

[Octopus]

£5k per year? On what?

costs to to be SE. Based on 4 years experience. Excludes vehicle purchase as it was bought outright in year 1.

 

[bigbaddave]

Before I get thrown to the wolves can I just add for the benefit of anyone reading this that I'm not self employed as an electrician!

Edit - or a DI or an Engineer, it's a minefield this!

Your not an electrician?? Tut tut.. You know a decent one though yeah?