Self employment

[LoveRocket]

I've never considered self employment before, so I've got no idea of quite what's involved.

I'm currently working as a service engineer for a company that makes industrial equipment. For the last year I've been working on the installation and commissioning of new delivery, and I'm still there now as part of the support/warranty contract. This contract is coming to an end, but the client has suggested that they may be interested in hiring me as a self employed contractor/consultant.

I'm fully aware of the risk involved with leaving a salaried job and the future uncertainty that goes with this territory, but I'd like some information about just what's involved with setting yourself up as self employed. How much hassle in involved? Is it just a case of handling your own tax, or is there far far more involved.

I'm sure there's a lot of people on here who know all about this, so I'd be greatful for any advice. Cheers.

 

[noseall]

A good accountant will take care of most of the financial (tax) stuff.

Just make sure you have your risk/liabilities/insurances in place.

 

[kenbru]

I've never considered self employment before, so I've got no idea of quite what's involved.

I'm currently working as a service engineer for a company that makes industrial equipment. For the last year I've been working on the installation and commissioning of new delivery, and I'm still there now as part of the support/warranty contract. This contract is coming to an end, but the client has suggested that they may be interested in hiring me as a self employed contractor/consultant.

I'm fully aware of the risk involved with leaving a salaried job and the future uncertainty that goes with this territory, but I'd like some information about just what's involved with setting yourself up as self employed. How much hassle in involved? Is it just a case of handling your own tax, or is there far far more involved.

I'm sure there's a lot of people on here who know all about this, so I'd be greatful for any advice. Cheers.

You might want to contact Business Link, I used them when I set up in 2004, and they talk you through all the pitfalls to avoid, marketing, tax etc..

 

[mickyg]

If you keep your turnover under the VAT threshold(70k ish?) then you can set up as a sole trader and its very straight forward. Just get a good accountant and leave them to it. The only problem you might get (don't know your business) is that if your supplying materials to a business they usually like to recover the VAT which they won't be able to do if your not VAT registered. Other than that its a doddle.

 

[WoodYouLike]

Other things to be very aware of: make sure that company is not your only "client" otherwise you and they will get charged NIC etc (will be regarded as employment, not as business-2-business dealings)