winnie&bezza Posted June 16, 2017 Report Share Posted June 16, 2017 You also don't want the 'why didn't I do it when I had a chance' in later life. Quote Link to comment Share on other sites More sharing options...
JohnfromUK Posted June 16, 2017 Report Share Posted June 16, 2017 (edited) Firstly my very best wishes to you in whatever you decide to do. I have had this happen twice to me in my life. About this time last year I faced the same prospects ('at risk') and to cut a long story short, ended up 'out' amicably and with a decent sized pay off at the end of November. This time, I chose to take mine as early retirement. I am in my early 60's anyway and my profession isn't so well suited to being 'self-employed', in that my past has always been as a cog in a much larger machine. To date, 6 months in, I'm enjoying my 'retirement' immensely and though I do have to be a bit more careful with the spending in the short term, that will improve somewhat when I reach normal retirement age (I have other pensions that kick in then). I had a similar situation almost exactly 30 years ago ..... at risk, followed by 'out'. On that occasion I went self employed (as a contractor) for 12 months, then back into employment when offered a full time post by a business for whom i was doing some self employed work. I wish you all the best however you decide to proceed. Edited June 16, 2017 by JohnfromUK Quote Link to comment Share on other sites More sharing options...
bear-uk Posted June 16, 2017 Report Share Posted June 16, 2017 (edited) If finances will let you then go for it. Not sure about other trades but dont expect much income to start with. I had about £30 a week for ages but things slowly took shape. I went from being a commercial mechanic on a good wage to now earning £1 per minute doing pure water window cleaning. 2 days per week and coming home at 3. Not all the time but mostly. It depends on your circumstances and finances at the end of the day. Ride the rough times and make the most of the good. Forgot to say, possibly due to a bottle of Malbec that My health and happiness have never been better since taking the plunge. Edited June 16, 2017 by bear-uk Quote Link to comment Share on other sites More sharing options...
100milesaway Posted June 16, 2017 Report Share Posted June 16, 2017 Don't get carried away with the usual pitfalls of being self employed , The major one is the Inland Revenue, put at least one third of your income into a private account and earmark it for them, never to be touched. The fact that you don't have to pay your tax untill a year after you have earned it is irrelavent , it is not your money. If you follow that rule it wont come back and bite you.... Good luck. from Auntie. Quote Link to comment Share on other sites More sharing options...
ips Posted June 16, 2017 Report Share Posted June 16, 2017 Don't get carried away with the usual pitfalls of being self employed , The major one is the Inland Revenue, put at least one third of your income into a private account and earmark it for them, never to be touched. The fact that you don't have to pay your tax untill a year after you have earned it is irrelavent , it is not your money. If you follow that rule it wont come back and bite you.... Good luck. from Auntie. Very very good advice . Don't mess with the IR take it from me 👍 Quote Link to comment Share on other sites More sharing options...
smiiithy Posted June 19, 2017 Report Share Posted June 19, 2017 Where do you live? I might know of a suitable permenant opportunity coming up in the near future if you decided not to follow the self employed route. I took voluntary redundancy myself earlier this year and never an enjoyable experience, best of luck to you. Quote Link to comment Share on other sites More sharing options...
Thunderbird Posted June 20, 2017 Report Share Posted June 20, 2017 I'm self employed these last ten years and wouldn't have it any other way, though I don't do a particularly physical job. Personally I would take the lifestyle benefits of self-employment over the extra money that I might (or might not) earn as an employee. Bearing in mind decent company pensions, unless you're one of the lucky few, are a thing of the past, so being employed isn't what it once was, especially now as many firms also only pay SSP if you're off sick. On the other hand, my brother is a plumber/heating engineer and he's been self employed (with one employee) for about the same time as me, and with his knees and back giving him gyp he's beginning to see the down side. He would probably be in a management or supervisory position by now had he stayed on the staff and the job would be taking less of a physical toll. Quote Link to comment Share on other sites More sharing options...
Wiggum Posted June 20, 2017 Author Report Share Posted June 20, 2017 Where do you live? I might know of a suitable permenant opportunity coming up in the near future if you decided not to follow the self employed route. I took voluntary redundancy myself earlier this year and never an enjoyable experience, best of luck to you. Hi Smiiithy I live in derby but work out of our office in Birmingham, we attended a presentation on Friday outlining the restructure taking place and the 12 area manager roles being scrapped and replaced with 6 regional manager roles that we and anyone else in the business can apply for. I really felt for the planners and admin girls who were made redundant as the planners for my engineers are being centralised in Whiteley just got the consultation period and the recruitment process to go through now 🙄 Quote Link to comment Share on other sites More sharing options...
smiiithy Posted June 20, 2017 Report Share Posted June 20, 2017 Sorry it would be well out of the way then. Best of luck to you Quote Link to comment Share on other sites More sharing options...
Wiggum Posted June 20, 2017 Author Report Share Posted June 20, 2017 No worries mate Quote Link to comment Share on other sites More sharing options...
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