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Self Employment Advice


Sussexboy
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Hi All, looking for some advice for my daughter.

 

Long story cut short, she has been out of work since leaving college 18 months ago and is bored, disillusioned and general hacked off.

 

Nothing much happening in the labour market round here so she is thinking of going self employed as a house/pet/horse sitter as she has done it for some friends and enjoys it.

 

Where will she get the information she needs? She keeps asking me and I don't have a clue.

 

I guess she will need some sort of insurance, need to keep accounts, pay her stamp etc.

 

Any help much appreciated, thanks.

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HMRC are helpful you have to inform them within 3 months just keep a record excel sheet and box file of receipts for income and expenditure, income is what you get paid expenditure is.....mileage 45p a mile, stationary, advertising, postage, fees etc etc vat diesnt kick in till 65k turnover ish, tax return online is simple enough. Princes trust etc are good source of info also

 

http://search2.hmrc....forms.page#2020

 

http://www.princes-t..._programme.aspx

 

http://business.wale...CFUfJtAodOD0Asg

 

https://www.gov.uk/browse/business

Edited by HDAV
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*Cough* Cash in hand :innocent: *Cough*

 

Go see the job center or maybe the Citizens Advice people one of them should be able to help her with getting the right forms and any questions.

 

I am self employed and I just keep all my recipients and statements from my payroll companies etc then dump it all in my accountants hands every so often. Much easier to pay someone a small fee to deal with it.

Edited by -oXo-
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https://online.hmrc.gov.uk/registration/newbusiness/business-not-allowed

 

This is the link to register, fair self explanatory.

 

Set up online ID then register for self assessment, this will also probably register her for NI contributions (class 2)

 

If she is likely to earn less than £5595 PROFIT after expenses she can apply for a small earnings class 2 exemption which means she won't have to pay a class 2 stamp which works out at £2.65 per week. However this NI counts towards a basic state pension, maternity allowance and some other low rate benefits.

 

She is young so it might not matter so much, especially if cash is initially tight.

 

I'm an accountant so PM me if you need further advice.

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Might be worth including dog walking, pet visits, pet taxi etc as people out at work all day often require these sort of services.

 

Good public liability would be essential. A small van might be required and a good website and local advertising.

 

Good luck!

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1st.... decide on the new company name....

 

2nd register with the Tax office... https://online.hmrc....ess-not-allowed they should also advise about stamp duty... i think it starts at £2.60 a week

 

3rd public liability insurance...I personally use the NFU but there are other companies..

 

4th it wouldn't hurt to ring a good accountant....

 

5th Advertising..... might be worth getting some flyers made up... whilst she is not doing anything she could be posting these....

 

6th Website... get a website made..but make sure she can up date her self..as this will need doing ..put pictures up weekly..keep the site refreshed..add every town village she works in....its amazing how a google search works

 

a good sign written van looks professional ....

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Also, get her to contact - Prince's Youth Business Trust --- They'll set her up with an Advisor who can give her lots of sage advice and no doubt some introductory courses on book keeping, management etc.

 

I started my first business with help from them when I was in my early 20s, it was very helpful

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