Is anyone here Self-Employed?

[Cunning Plan]

How do you find it?

[Andy]

No.

[Big Mouse]

I am and have been for years, as a sole trader and on PAYE as a director of my own company I depends on how much you want to put into it.

You need a bit of self control and adapt to the fact that if you have slack day then you won't have earned anything. The accounts side of things is easy enough but you need to keep up with it.

It depends on what you plan to do as to what type of self employed status you use. Generally its more tax effective than paye ie you should pay less tax.

[Cunning Plan]

Quoting: Big Mouse

I am and have been for years, as a sole trader and on PAYE as a director of my own company I depends on how much you want to put into it.

You need a bit of self control and adapt to the fact that if you have slack day then you won't have earned anything. The accounts side of things is easy enough but you need to keep up with it.

It depends on what you plan to do as to what type of self employed status you use. Generally its more tax effective than paye ie you should pay less ta

Thanks, good information

Quoting: Big Mouse

Generally its more tax effective than paye ie you should pay less tax.

This is a benefit I am hoping for, although the main one is to be my own boss.

All just thoughts at the moment, but it's good to hear from someone already doing it. It is the tax-side / paper-work side of things that I need to research the most.

[Big Mouse]

Quoting: Cunning Plan

This is a benefit I am hoping for, although the main one is to be my own boss.

It also comes with all the problems your current boss has to deal with that you might not be aware of

Quoting: Cunning plan

All just thoughts at the moment, but it's good to hear from someone already doing it. It is the tax-side / paper-work side of things that I need to research the most.

Its easy enough once you decide what 'type' of self employed you need to be, whether you need to be VAT registered - lots of pros and cons to that alone - just get into the habit of asking for a tax receipt for everything you buy and make sure you record everything in a regular and HMRC approved way. It can be ridiculously simple depending on what you're selling; a product/s or a service?

A good accountant is worth their weight in gold at this stage even if you don't use them for your accounts; they should be able to advise depending on your business plan.

Research your market first - is there enough business out there? who would you be competing against and why are they currently getting the business? what can you bring to the game that they haven't already? what is your usp?

Once you've decided there is a sustainable market for your services, and be honest with yourself here, then put together a business plan. Have a look around to see if there are any start up offers available from your local council or enterprise council. Lots of banks offer a start up pack to new businesses.

If you have any questions just ping them over