wigeon jim Posted January 7, 2020 Report Share Posted January 7, 2020 After 50 years working on the same farm I was made redundant at the end of October , been enjoying the free time to do more fowling ect, I now have a few local farms offering me part time work, they say everything would be easier if I was self employed , has anyone gone down that road and is it an easy enough thing to sort out? Jim. Quote Link to comment Share on other sites More sharing options...
southeastpete Posted January 7, 2020 Report Share Posted January 7, 2020 How good are you at paperwork? And using the government gateway website? registering is easy least, 5 mins on the website. Then you have to fill in your own tax return. If you’re only doing bits and bobs you might not hit the tax threshold, otherwise remember to hold enough back to pay tax at the end of the year! insurance would be something to get though, as you wouldn’t be covered by their insurance anymore I would think. Quote Link to comment Share on other sites More sharing options...
team tractor Posted January 7, 2020 Report Share Posted January 7, 2020 Surely your 65 ? Personally I wouldn’t go down that route at that point in your life Quote Link to comment Share on other sites More sharing options...
wigeon jim Posted January 7, 2020 Author Report Share Posted January 7, 2020 Yes 65 but no state pension till 66 for me in Dec this year, not going to be working to many hours just a helping hand when they need me, just wondering if it's the best way to go, Jim. Quote Link to comment Share on other sites More sharing options...
sam triple Posted January 8, 2020 Report Share Posted January 8, 2020 go and sign on if possible if you've worked all your life and paid into the system then time to get something back Quote Link to comment Share on other sites More sharing options...
udderlyoffroad Posted January 8, 2020 Report Share Posted January 8, 2020 7 hours ago, wigeon jim said: After 50 years working on the same farm I was made redundant at the end of October 7 hours ago, team tractor said: Surely your 65 Wait, what? I'm sure someone far more knowledgeable will be along shortly ( @oowee ??) but I smell something distinctly rodent-esque here? Maybe I'm just an old sceptic, but redundancy a few months before your pension age? Even if I'm totally barking up the wrong tree, you must take some professional advice (as has been mentioned on other threads) - paying for it if necessary. It may be that, actually, signing on (thus appearing to keep your NI contributions up) and 'looking for work' would be the best move for you, financially, at this point. But, again, the above advice could well be worth exactly what you paid for it. If nothing else, have a read here Quote Link to comment Share on other sites More sharing options...
panoma1 Posted January 8, 2020 Report Share Posted January 8, 2020 Did you not get redundancy pay Jim? Quote Link to comment Share on other sites More sharing options...
captainhastings Posted January 8, 2020 Report Share Posted January 8, 2020 2 hours ago, sam triple said: go and sign on if possible if you've worked all your life and paid into the system then time to get something back If only it was that easy. They will try and force him back into work to get any thing. Which is fair enough if your 20 but at this gents time of life it would be a disgrace Quote Link to comment Share on other sites More sharing options...
sam triple Posted January 8, 2020 Report Share Posted January 8, 2020 6 minutes ago, captainhastings said: If only it was that easy. They will try and force him back into work to get any thing. Which is fair enough if your 20 but at this gents time of life it would be a disgrace I did say "If" Quote Link to comment Share on other sites More sharing options...
oowee Posted January 8, 2020 Report Share Posted January 8, 2020 3 hours ago, udderlyoffroad said: Wait, what? I'm sure someone far more knowledgeable will be along shortly ( @oowee ??) but I smell something distinctly rodent-esque here? Maybe I'm just an old sceptic, but redundancy a few months before your pension age? Even if I'm totally barking up the wrong tree, you must take some professional advice (as has been mentioned on other threads) - paying for it if necessary. It may be that, actually, signing on (thus appearing to keep your NI contributions up) and 'looking for work' would be the best move for you, financially, at this point. But, again, the above advice could well be worth exactly what you paid for it. If nothing else, have a read here You can be made redundant at any age. The Government scrapped the age redundancy limits (18 and 65) and the payments taper that applied to 64 year olds in 2006 reflecting people living and working longer. Redundancy pay calculator is here. Redundancy must be fair and your rights are here For your situation it may be difficult to resolve unfairness if there is any but either way make sure you have the min £10500 and if you are unsure take advice. Self employment is an easy route to go down and may well give you a degree of flexibility that suits your circumstances. This may help. It seems a phaff at first but it can be worth the effort after you get over the initial worries that can go with it. I don't know the nature of your work but given the high levels of risk associated with farm work check your insurance and think twice about cash in hand. Quote Link to comment Share on other sites More sharing options...
bavarianbrit Posted January 8, 2020 Report Share Posted January 8, 2020 I signed on 2010 after the big crash and as I still had a bit over £16K in my bank account I was not given any help/money. Quote Link to comment Share on other sites More sharing options...
stu64 Posted January 8, 2020 Report Share Posted January 8, 2020 I looked into going self employed very recently, and it appears on the government website that you don't have to register as self employed until the october of the second year of being self employed, in your case you be retired then....... Quote Link to comment Share on other sites More sharing options...
wigeon jim Posted January 8, 2020 Author Report Share Posted January 8, 2020 Yes I got 20 years redundancy, don't want to sign on for the reasons above , just looking for the best way to work a few hours here and there and keeping every thing above board,. Paper work shouldn't be to bad as it would only be hours worked, I think! Will probably still work part time after retirement age ,( so the wife tells me) ,. Jim. Quote Link to comment Share on other sites More sharing options...
CharlieT Posted January 8, 2020 Report Share Posted January 8, 2020 Jim Go for it. It's simple, straightforward and keeps everything above board. We have a couple of people who do odd days and occasional weeks for us here on the farm at busy times and they are self employed. They do all the paperwork and tax returns themselves and have no problem doing so. Just make sure you keep your NI and tax up to date. Quote Link to comment Share on other sites More sharing options...
Davyo Posted January 8, 2020 Report Share Posted January 8, 2020 (edited) You can register as self-employed at www.gov.uk/log-in-file-self-assessment-tax-return/register-if-youre-self-employed and by clicking on the 'register online' link. The registration will be processed within 7 weeks and will automatically set-up an online account for you to file a Self Assessment tax return You will be sent an activation code, an 'SA250 SA Welcome' letter with confirmation of your Unique Taxpayer Reference (UTR) number in the post. If you have been in SA before your UTR number will likely remain the same. Edited January 8, 2020 by Davyo Quote Link to comment Share on other sites More sharing options...
Pistol p Posted January 8, 2020 Report Share Posted January 8, 2020 If you enjoy your work, then go for it. But, know your limits. Live within your means. Get yourself a good book keeper. Eat well, sleep well, drive well. And the rest will fall into place. Quote Link to comment Share on other sites More sharing options...
Lord Geordie Posted January 8, 2020 Report Share Posted January 8, 2020 (edited) Sorry to hear that you were made redundant! If it’s simply one year until your pension age, maybe tighten your belt and squirrel away as much as you can while going self employed! That way if your due a tax bill you will have most if not more than enough to pay it! I do 30 hours a week at the mo to spend more time with my dad to make sure he is OK. On that I get £9 an hour and only pay a few hundred a year in tax! It’s the NI that eats into my wage! In total between tax and NI I pay around £1000-£1200 per year. what I am trying to say is try “if you can” to make small savings here and there to have some funds left at the end of the year for your tax bill, but remember there is also NI to pay! hope it all works out for you Edited January 8, 2020 by Lord Geordie Quote Link to comment Share on other sites More sharing options...
daveboy Posted January 8, 2020 Report Share Posted January 8, 2020 Go for it, Keep it under £12500 a year (profit not turnover) and pay no tax or keep it under £5200 if you don't want to pay Ni. Don,t forget it's £12500 profit and you can claim for your van/mileage, phone,tools and even part of your house bills. Quote Link to comment Share on other sites More sharing options...
Tancho Posted January 8, 2020 Report Share Posted January 8, 2020 (edited) For 2019-20, the Class 1 National Insurance threshold is £8,632 a year. If you earn less than this amount you'll pay no National Insurance Edited January 8, 2020 by Tancho Quote Link to comment Share on other sites More sharing options...
wigeon jim Posted January 9, 2020 Author Report Share Posted January 9, 2020 Well that's it done, thanks to all for the advice,. First few hours worked already today,. Jim. Quote Link to comment Share on other sites More sharing options...
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