Hi All.
Realise this question maybe fraught with many issues\views!
However....
Been working as domestic multi-trade\handyman for 4-5 years now via limited company (the only employee) - hangover from my last years as an IT contractor. Fed-up paying my accountant £700 pa to take my highly organised accounts each year and "encrypt" them for the various tax offices etc!
My turnover isn't that much and this set-up isn't even saving me £700 in tax!
I'm not VAT registered.
Considering changing to self-employed; don't mind paying some NICs and extra tax and then keep the difference. Have no issue doing own admin which I've got totally covered\organised and have no issue completing personal returns of previous etc.
My real question is; What's involved admin wise for self-employed? Assume there must be something similar to a personal return each year? I already document all outgoings, incomings and expenses etc and therefore feel I have all that's required for completing such a return. Understand there's also setting-up monthly or quarterly NICs direct debits etc?
Does anyone do their own admin etc?
I can't do the shear amount connected with Ltd, but is self-employed closer to personal returns etc?
Any advice greatly received.
Cheers,
Neil
Realise this question maybe fraught with many issues\views!
However....
Been working as domestic multi-trade\handyman for 4-5 years now via limited company (the only employee) - hangover from my last years as an IT contractor. Fed-up paying my accountant £700 pa to take my highly organised accounts each year and "encrypt" them for the various tax offices etc!
My turnover isn't that much and this set-up isn't even saving me £700 in tax!
I'm not VAT registered.
Considering changing to self-employed; don't mind paying some NICs and extra tax and then keep the difference. Have no issue doing own admin which I've got totally covered\organised and have no issue completing personal returns of previous etc.
My real question is; What's involved admin wise for self-employed? Assume there must be something similar to a personal return each year? I already document all outgoings, incomings and expenses etc and therefore feel I have all that's required for completing such a return. Understand there's also setting-up monthly or quarterly NICs direct debits etc?
Does anyone do their own admin etc?
I can't do the shear amount connected with Ltd, but is self-employed closer to personal returns etc?
Any advice greatly received.
Cheers,
Neil