black hat Posted January 17, 2007 Report Share Posted January 17, 2007 hi all after a few pointers if any out there i have been working as asparkie for 15 years nowan thinking of going out solo question is is there any documentation as to pricing times how do i go about geting started ie tax go ltd or and co Quote Link to comment Share on other sites More sharing options...
lurcherboy Posted January 17, 2007 Report Share Posted January 17, 2007 Go and see a accountant First regarding how to set up. The LTD comes with some major headaches and is probably over the top for a one man band. Being self employed rocks when you are busy and sucks when its quiet. You need to be in a good personal situation regarding your outgoings and more importantly, have work lined up for at least 6 months or you will lose weight Let me know if you do go for it as I need some lighting updates and a ramp (single phase) connected soon. LB Quote Link to comment Share on other sites More sharing options...
miffy Posted January 18, 2007 Report Share Posted January 18, 2007 As LB says go an see an accountant first. I went self employed last year and haven't looked back. I went down the Ltd company route as that was right for me and i am a "one man band " If you have been a Spark for 15 years then you should have some idea of how long jobs will take to complete ? Just work out what you want to charge per hour and work it out from there. It isn't always that easy to price jobs but it'll give you a starting point. The days are longer when you are self employed and at the moment i'm working 7 days a week and most nights till 9 oclock. Then i get home and have all the paperwork to do ( just spent the best part of 2 evenings completing a 71 page periodic report And also don't forget the Part "P" restrictions that are upon as you may need to register with the relevant organisation, depending on the work you will be doing . If you do that job for LB makes sure you treble the price you first think of Good luck Quote Link to comment Share on other sites More sharing options...
webber Posted January 18, 2007 Report Share Posted January 18, 2007 I agree about seeking the advise of an accountant. Try to stay as a one man band and work from home, dont get too big and if possible keep turnover below the VAT threshold which I think is £60,000 per annum. You may however make a better impression on prospective customers if you could spell the name of your trade correctly, are you an electrician ?? webber Quote Link to comment Share on other sites More sharing options...
naddan28 Posted January 18, 2007 Report Share Posted January 18, 2007 as for going ltd, it really is not as hard as you think! You can buy already set up ltd's, with standard table A articles of association and pass a resolution amongst the directors (you, wife & brother for example) to change the name and/or any articles you are not happy with and hey presto! Ltd, does have some major advantages like the fact a company is its own seperate legal identity, therefore any legal action is done in or against the company's name. Also it seperates your own personal assets from the company's assets so heaven forbid and anything goes wrong, you only lose the intial share capital you put into the business not your house, car and other personal assets. Also i think you will find small limited companies don't require accounts to be drawn up by law, although obviously accounting is needed for the tax bill etc. However, you wont need to hire an auditor to audit your accounts which is quite costly. If you work as a sole trader, then you dont need any tax regulations to worry about (if i remember rightly, as we dont really cover tax in my accounting & finance degree, the tax lecturer was never replaced!) however everything is held in your name so personal assets and business assets are also intertwined. You will also find sole traders, not being vat registered are not entitled to claim back any vat on products they purchase. For example if you buy a new computer for "business purposes" you will be entitled to claim back 17.5% vat on that. As for tax deductable expenses, everything goes except entertainment expenses. All other expenses are deducted prior to tax and your tax liability is then worked out on the basis of your profit minus Capital Allowances and Expenses (not including deprecation and entertainment expenses). Hope that helps, Dan Quote Link to comment Share on other sites More sharing options...
Pedro Posted January 18, 2007 Report Share Posted January 18, 2007 . You may however make a better impression on prospective customers if you could spell the name of your trade correctly, are you an electrician ?? webber P. Quote Link to comment Share on other sites More sharing options...
Devon Fox Posted January 18, 2007 Report Share Posted January 18, 2007 I am a self employed driving instructor, i would second the advice about getting a good accountant, he set me up and did everything for me. I am going through a real lean patch, takes a while for people to get over Christmas, but to prepare for it i work silly hours through the summer months! Get plenty of work lined up before you leap, even start a bit of private work on the side? Good luck, once you do it there is no going back, the thought of having a boss (other than my Mrs!) sends shivers down my spine! Quote Link to comment Share on other sites More sharing options...
pavman Posted January 18, 2007 Report Share Posted January 18, 2007 have work lined up for at least 6 months or you will lose weight LB By all the gods your order book must be full to bursting LB just like your breeks Quote Link to comment Share on other sites More sharing options...
SPARKIE Posted January 18, 2007 Report Share Posted January 18, 2007 quote miffy If you do that job for LB makes sure you treble the price you first think of i hope ya never thought of a price and trebled it for me the miffy when ya did my kitchen Quote Link to comment Share on other sites More sharing options...
Devon Fox Posted January 18, 2007 Report Share Posted January 18, 2007 The other thing to think about are bad payers ...... i have just been screwed over for £200, how do you fellas get your dosh? I am looking into a way of reclaiming the cash, any ideas, and no i wont go round with a bat/mob etc ha ha ! Quote Link to comment Share on other sites More sharing options...
naddan28 Posted January 18, 2007 Report Share Posted January 18, 2007 The other thing to think about are bad payers ...... i have just been screwed over for £200, how do you fellas get your dosh? I am looking into a way of reclaiming the cash, any ideas, and no i wont go round with a bat/mob etc ha ha ! sell the debts to a debt recovery agency or make sure you have incredibly tight contracts with clients that enable you to easily take people to court, normally a threat is more than enough! Quote Link to comment Share on other sites More sharing options...
Devon Fox Posted January 18, 2007 Report Share Posted January 18, 2007 The problem i have is that reputation is everything, so threatning would cost me more in the long run. As for contracts, i am dealing with 17 year old's, so pretty much impossible to tie them into contracts, i am going to speak to the father Friday morning, failing that i am going to knock on the door every-other day untill i get the cash! Quote Link to comment Share on other sites More sharing options...
naddan28 Posted January 18, 2007 Report Share Posted January 18, 2007 The problem i have is that reputation is everything, so threatning would cost me more in the long run. As for contracts, i am dealing with 17 year old's, so pretty much impossible to tie them into contracts, i am going to speak to the father Friday morning, failing that i am going to knock on the door every-other day untill i get the cash! what type of business are you in? Quote Link to comment Share on other sites More sharing options...
Devon Fox Posted January 18, 2007 Report Share Posted January 18, 2007 I am a driving instructor! Sadly! Quote Link to comment Share on other sites More sharing options...
naddan28 Posted January 18, 2007 Report Share Posted January 18, 2007 I am a driving instructor! Sadly! how come they owe you money then!?! My instructor as do all other instructors I am aware of.... so is it customary for driving instructors to work on a credit basis from where you are? Quote Link to comment Share on other sites More sharing options...
Devon Fox Posted January 18, 2007 Report Share Posted January 18, 2007 No, its a block booking of 10 hours, with excuse after excuse for not having the cheque. This sort of nonsense goes on alot with instructors, its a viscious circle, do one lesson ...... not paid, do a second one to get the cash and with in 4-5 lessons they owe you £100 +. The last time a student said at the end can i pay you next week, i took them to the petrol station and said see if they will loan you the juice you have just used! I am going to refuse to teach them in future i think, no money, no drive! Quote Link to comment Share on other sites More sharing options...
naddan28 Posted January 18, 2007 Report Share Posted January 18, 2007 No, its a block booking of 10 hours, with excuse after excuse for not having the cheque. This sort of nonsense goes on alot with instructors, its a viscious circle, do one lesson ...... not paid, do a second one to get the cash and with in 4-5 lessons they owe you £100 +. The last time a student said at the end can i pay you next week, i took them to the petrol station and said see if they will loan you the juice you have just used! I am going to refuse to teach them in future i think, no money, no drive! Thats what i suggest you do, give them one or two lessons then say no! Also look into selling the debt on. Quote Link to comment Share on other sites More sharing options...
miffy Posted January 18, 2007 Report Share Posted January 18, 2007 quote miffyIf you do that job for LB makes sure you treble the price you first think of i hope ya never thought of a price and trebled it for me the miffy when ya did my kitchen Quote Link to comment Share on other sites More sharing options...
Elliot Brown Posted January 19, 2007 Report Share Posted January 19, 2007 Go and see a accountant First regarding how to set up. The LTD comes with some major headaches and is probably over the top for a one man band. Being self employed rocks when you are busy and sucks when its quiet. You need to be in a good personal situation regarding your outgoings and more importantly, have work lined up for at least 6 months or you will lose weight Let me know if you do go for it as I need some lighting updates and a ramp (single phase) connected soon. LB still not got that yet ur concreat must have gone off by now B) hows your ferret court now. still standing? all the best Quote Link to comment Share on other sites More sharing options...
naddan28 Posted January 19, 2007 Report Share Posted January 19, 2007 No, its a block booking of 10 hours, with excuse after excuse for not having the cheque. This sort of nonsense goes on alot with instructors, its a viscious circle, do one lesson ...... not paid, do a second one to get the cash and with in 4-5 lessons they owe you £100 +. The last time a student said at the end can i pay you next week, i took them to the petrol station and said see if they will loan you the juice you have just used! I am going to refuse to teach them in future i think, no money, no drive! Also you could always make any under 18's get a parent/gaurdian to sign in order to gurantee payment, if not they become liable for the minor's debt. That way court action will be so much easier Quote Link to comment Share on other sites More sharing options...
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