Wiggum Posted July 10, 2017 Report Share Posted July 10, 2017 Following on from my earlier post about being put at risk at work and considering becoming a self employed electrician I'm putting together a list of things I will need to sort out and the rough costs involved, Can anyone see anything I have missed from the list below or any useful advice. Van (buy or lease hire) Part p scheme (Napit or NICEIC) PL insurance Van & tool insurance Accountant Sole trader or Limited company Also can anyone recommend any decent app / tablet based electronic certification, I don't mind paying for it as long as it's reliable and intuitive. Cheers Quote Link to comment Share on other sites More sharing options...
ips Posted July 10, 2017 Report Share Posted July 10, 2017 You need to have risk assessments and method statements, depending on what contracts you may have you will probably need asbestos awarenes course possibly even first aid at work cert. Quote Link to comment Share on other sites More sharing options...
AVB Posted July 10, 2017 Report Share Posted July 10, 2017 Following on from my earlier post about being put at risk at work and considering becoming a self employed electrician I'm putting together a list of things I will need to sort out and the rough costs involved, Can anyone see anything I have missed from the list below or any useful advice. Van (buy or lease hire) Part p scheme (Napit or NICEIC) PL insurance Van & tool insurance Accountant Sole trader or Limited company Also can anyone recommend any decent app / tablet based electronic certification, I don't mind paying for it as long as it's reliable and intuitive. Cheers Good luck. I am going down the Limited Company route having been in employment for 38 years. Doing consultancy and llooking forward to paying 20% tax instead of 50%. Quote Link to comment Share on other sites More sharing options...
winnie&bezza Posted July 10, 2017 Report Share Posted July 10, 2017 Van breakdown cover? Quote Link to comment Share on other sites More sharing options...
Vince Green Posted July 10, 2017 Report Share Posted July 10, 2017 Be aware that the PL insurance, although you may need to produce it to get work, is actually not worth the paper its written on so don't have any expectation of ever claiming Also, avoid leasing a van however attractive the deal may appear, its not believe me. Been there, buy outright Quote Link to comment Share on other sites More sharing options...
Wiggum Posted July 10, 2017 Author Report Share Posted July 10, 2017 You need to have risk assessments and method statements, depending on what contracts you may have you will probably need asbestos awarenes course possibly even first aid at work cert. The RAMS won't be a problem I've got the generic ones we use at work that I can amend to suit my circumstances and my asbestos awareness is up to date as well also done my IOSH managing safety course/working at height/ etc as it is required for my current role but thanks for the reminder Quote Link to comment Share on other sites More sharing options...
Wiggum Posted July 10, 2017 Author Report Share Posted July 10, 2017 Be aware that the PL insurance, although you may need to produce it to get work, is actually not worth the paper its written on so don't have any expectation of ever claiming Also, avoid leasing a van however attractive the deal may appear, its not believe me. Been there, buy outright That's interesting ! I need £10 million cover as a friend who is site manager on 3 car dealerships has offered me all the electrical maintenance work on the sites, he can also help out with the van. Quote Link to comment Share on other sites More sharing options...
winnie&bezza Posted July 10, 2017 Report Share Posted July 10, 2017 Also you need a certain amount of trading history to get a lease etc. Quote Link to comment Share on other sites More sharing options...
vampire Posted July 10, 2017 Report Share Posted July 10, 2017 You need to have risk assessments and method statements, depending on what contracts you may have you will probably need asbestos awarenes course possibly even first aid at work cert. Sole trader,1 person and domestic properties/clients Quote Link to comment Share on other sites More sharing options...
ips Posted July 10, 2017 Report Share Posted July 10, 2017 Sole trader,1 person and domestic properties/clients Who mentioned domestic property ? Sole trader still needs rams regardless. The RAMS won't be a problem I've got the generic ones we use at work that I can amend to suit my circumstances and my asbestos awareness is up to date as well also done my IOSH managing safety course/working at height/ etc as it is required for my current role but thanks for the reminder Nice one, sorted then 👍 Sounds like you have everything in place 👍 Good luck with your venture Quote Link to comment Share on other sites More sharing options...
Bemused Posted July 10, 2017 Report Share Posted July 10, 2017 Following on from my earlier post about being put at risk at work and considering becoming a self employed electrician I'm putting together a list of things I will need to sort out and the rough costs involved, Can anyone see anything I have missed from the list below or any useful advice. Van (buy or lease hire) Part p scheme (Napit or NICEIC) PL insurance Van & tool insurance Accountant Sole trader or Limited company Also can anyone recommend any decent app / tablet based electronic certification, I don't mind paying for it as long as it's reliable and intuitive. Cheers We use the pay as you go NICEIC certs which also does the Part P notification. Quote Link to comment Share on other sites More sharing options...
Wiggum Posted July 10, 2017 Author Report Share Posted July 10, 2017 (edited) We use the pay as you go NICEIC certs which also does the Part P notification. What's the cost per cert if you don't mind me asking, were accredited with the NICEIC with work and I've previously been the QS but everything was done on paper copies which I'd rather avoid if possible. The less paperwork the better Edited July 10, 2017 by Wiggum Quote Link to comment Share on other sites More sharing options...
Benthejockey Posted July 10, 2017 Report Share Posted July 10, 2017 Some sort of personal accident insurance in case you fall off a ladder or stick your finger in a plug socket and need some time on the sick! Quote Link to comment Share on other sites More sharing options...
grrclark Posted July 10, 2017 Report Share Posted July 10, 2017 Good luck. I am going down the Limited Company route having been in employment for 38 years. Doing consultancy and llooking forward to paying 20% tax instead of 50%. I know that you're a smart chap and business savvy, but make sure that you do your homework on the Ltd company front and consider all the options. There is an increasing legislative burden, especially in respect to tax, and it's only going to get worse. Some worrying mutterings by Phillip Hammond the other day about self employed tax regimes. Quote Link to comment Share on other sites More sharing options...
LondonLuke Posted July 11, 2017 Report Share Posted July 11, 2017 (edited) Good luck. I am going down the Limited Company route having been in employment for 38 years. Doing consultancy and llooking forward to paying 20% tax instead of 50%. If only that was the case When I first started up, being limited put you in a far better position than being PAYE. These days the gap is negligible when you consider all aspects. All the government changes of late are making being limited a bit of a PITA and far less appealing than even five years ago. Edited July 11, 2017 by LondonLuke Quote Link to comment Share on other sites More sharing options...
AVB Posted July 11, 2017 Report Share Posted July 11, 2017 If only that was the case When I first started up, being limited put you in a far better position than being PAYE. These days the gap is negligible when you consider all aspects. All the government changes of late are making being limited a bit of a PITA and far less appealing than even five years ago. My accountant is pretty confident. My wife is not working at the moment so plenty of opportunity to utilise her as a director etc. Quote Link to comment Share on other sites More sharing options...
foxnet22 Posted July 11, 2017 Report Share Posted July 11, 2017 If doing site work a cscs card ? Quote Link to comment Share on other sites More sharing options...
Remimax Posted July 11, 2017 Report Share Posted July 11, 2017 out of all the scam providers Elecsa is the most helpful from a contractors side. if you bother with any domestic work get ready to price against all the pub jobbers & flat capers. ******* nightmare. dealing with the great unwashed can be testing as most people seem to hate paying for electrical work. top tip be a plumber instead,red carpets and roses on every visit . Quote Link to comment Share on other sites More sharing options...
grrclark Posted July 11, 2017 Report Share Posted July 11, 2017 If only that was the case When I first started up, being limited put you in a far better position than being PAYE. These days the gap is negligible when you consider all aspects. All the government changes of late are making being limited a bit of a PITA and far less appealing than even five years ago. It is getting worse too, soon to be quarterly submissions towards corporation tax and then it will be monthly. There are also mutterings about having tax equivalence between self employed and employed, which ultimately means an increase in tax for the self employed. No mention of having equivalence in things like SSP, holiday pay or other benefits that are afforded to employees. I am a card carrying Tory, but this conservative government and the last are not as small business/entrepreneur friendly as they like to make out and that pains me. Quote Link to comment Share on other sites More sharing options...
TaxiDriver Posted July 11, 2017 Report Share Posted July 11, 2017 Make sure you pay more than the minimum voluntary NI contributions. If it doesn't work out for you and you end up having to sign on......you'll be alone and abandoned and won't count for nothing. Quote Link to comment Share on other sites More sharing options...
Wiggum Posted July 11, 2017 Author Report Share Posted July 11, 2017 Thanks for the pointers guys 👍🏻 Quote Link to comment Share on other sites More sharing options...
LondonLuke Posted July 11, 2017 Report Share Posted July 11, 2017 It is getting worse too, soon to be quarterly submissions towards corporation tax and then it will be monthly. There are also mutterings about having tax equivalence between self employed and employed, which ultimately means an increase in tax for the self employed. No mention of having equivalence in things like SSP, holiday pay or other benefits that are afforded to employees. I am a card carrying Tory, but this conservative government and the last are not as small business/entrepreneur friendly as they like to make out and that pains me. I could see when the RTI for director salaries came in that they would ultimately spread this to CT. It really grinds my gears that they want this absolutely equivalence, but only on the negatives. I have voted Tory time and time again, and yet on everything that appear to shoot me down - be it dividend tax, the added requirements of owning a limited company, or SDLT, it's all gone against me. They did bring in the £2000 (maybe more now) NI contribution but think that was the only "plus" for me personally. Anyway, lets not de-rail into politics. Best of luck with the new venture. Quote Link to comment Share on other sites More sharing options...
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