Start up questions

[arc88]

Hello everyone, I have a few questions, sorry if they are already answered somewhere else but I'm finding it hard to work out excactly what I need to do.

I'm going to set up self employed after xmas due to redundancy, I have got work lined up sub contracting for someone and hope to book some of my own work in when I get it. Whilst I'm working for this other guy, I only need to have public liability insurance? I will be covered by his NIC, Part P etc? And is there anything else I need to do or have in place just for the sub contracting work?

For my own work he will let me sign it off through his NIC, just until I have enough to make it worth signing up myself. I beleive that is right as it will all be certified?

Also a little unsure as to wether to setup as sole trader or LTD company? And if there are any grants for business start up? I had a look, but found it very confusing. It seems there are some avaiable but it was difficult to see how to apply, etc.

Any help is greatly appreciated!

 

[trev]

I've got a load of stuff on a memory stick that's relevant to new start ups which I'll post up tomorrow. I'll ask the mods to sticky it

 

[dingledong]

when you do your work and he signs it of its then his work so at the end of the year you'll have no work to show the nic

 

[Spesh]

If your a subcontracted to him you should be covered by his public liability, I've been in a similar situation to you and subbing to someone for the last few months.

 

[dingledong]

with mypublic liabilty its cheaper as i only employ people with public liability so its something that he would have to check with his employer

 

[Amp David]

Hello everyone, I have a few questions, sorry if they are already answered somewhere else but I'm finding it hard to work out excactly what I need to do.

I'm going to set up self employed after xmas due to redundancy, I have got work lined up sub contracting for someone and hope to book some of my own work in when I get it. Whilst I'm working for this other guy, I only need to have public liability insurance? I will be covered by his NIC, Part P etc? And is there anything else I need to do or have in place just for the sub contracting work?

You'll need to be registered with the tax man to subcontract, not 100% of the reasons why, just pretty sure you do.

For my own work he will let me sign it off through his NIC, just until I have enough to make it worth signing up myself. I beleive that is right as it will all be certified?

Don't think you yourself will be able to sign anything off using his NIC registration, unless you are registered as a QS under his membership. He'll be able to sign all your certs saying hes completed testing etc, then notify, but I reckon if NIC get wind of it they'll be on to him.

Also a little unsure as to wether to setup as sole trader or LTD company? And if there are any grants for business start up? I had a look, but found it very confusing. It seems there are some avaiable but it was difficult to see how to apply, etc.

Best place to get advice on this would be an accountant IMO

Any help is greatly appreciated!

My answers in green, hope the give a little help

 

[mogga]

First of all GOOD LUCK

Subbying you need a UTR from HMRC (tax office) guy your subbying to will take 20% off your gross to give to TAX man its called CIS( construction industry scheme) that is unless your running Gross under tax laws ( phone their advice line they tend not to bite )
Keep every receipt as there is a lot you can claim back at end of tax year under expences
remember that if your using a car it MUST be insured to use for your buisness 9 if not you may get done)( also helps with tax back)
Best place for advice on grants ect would be local CAB or gateway advice center try local library for these things
lots of "charities" run buisness startup assistance schemes again local library may have better details

 

[arc88]

Thanks for all the help so far! All been helpful and useful.

I got a quote for public liability insurance today, up to £2million. I think I read elsewhere that was the minimum NIC require, so presumably that will be enough.

 

[topquark]

Thanks for all the help so far! All been helpful and useful.

I got a quote for public liability insurance today, up to £2million. I think I read elsewhere that was the minimum NIC require, so presumably that will be enough.

The £2M will be sufficient for both their Approved Contractor Scheme and the Domestic Installer Scheme. If you are involved in doing any commercial or industrial Periodic Inspection Reports (shortly to be Electrical Installation Condition reports) you may want to consider upping that to £5M and probably should consider Professional Indemnity Insurance as well.