Mus

iTrader: (2)

Hi guys

Im currently an estate agent (go easy on me) I have been an estate agent for the past 10 years I also have another business where I import goods from the far east, I wont go on to the details as some might look at it as advertising.

I’ve rang up the tax people and they will send me out some forms, my other business isn’t vat registered as im not turning over anywhere near 64k yet. I do have an EROI number and I pay full duty and taxes on every thing I bring over.

If I become self employed can make a limited company and do my estate agency full time and my other part time business all under the same business name? can you guys recommend a good accountant around the London area.

Im currently on a basic plus commission I pay for fuel and insurance from my pocket I do have a company phone though.

My boss turned around and said that I won’t get paid for my holidays so I replied well I haven’t had a pay rise for nearly 2 years subject to the way the market has been and if I go self employed that he won’t have to pay tax and N.I contribution. Was I right to say that as i need my holiday pay to cover my mortage bills ect.

Many thanks in advance

Puff The Magic Wagon!

iTrader: (2)

In theory if you earn £10k pa, he will save the Employer's NI Contrib of 13% or thereabouts, so you could ask him to increase your pay by 8% (gives him something too). Then you can charge VAT on your "salary" and that would also be of benefit to him...

Mus

iTrader: (2)

thanks for that little 13% info i just told him how much he can save and he was like who told you that lol

it makes sense if he saving then i should save too but i think his going to try to use the sick pay and holiday card on me and keep my wages the same.

ill need all my negotiaion skills for this one, lucky enough my wife is a HR manager so ill know my legal rights.

how much petrol can can i put through my business. and is it hard to be self employed?

Lee247

I've been self employed for years and love it.
Bear in mind, you cannot be self employed for only one company so bringing your other business into the equation is a good idea. Tax man tends to frown upon working for only one company and tries to class you as employed to claw in more NI.
Also remember to keep all receipts for fuel, car insurance, stationery etc as you will be able to claim all of this as a business expense against your turnover.
You really need to get a good accountant as soon as possible as this will save you money and keep you right.
As for the hol pay, you could always incorporate it into your fees, depending on if you will be charging weekly or monthly.
Otherwise you won't get it. Or you could negotiate.
Self employment, all about good patter

Maz

iTrader: (34)

Good clear advice.

Mus

iTrader: (2)

thanks Lee, all I need is a good accountant and I'm ready to go.

skoobidude

You should charge enough to cover for holidays etc. I was Ltd between 04 and 06 and I charged other companies for my consultancy by the hour. Even though I was out of work for short periods (3wks was longest) and I took holidays, I still made more money than when on PAYE.

You can think that taking holidays is like earning nothing and spending at the same time. If you think too much like that then don't do it!
Speak to others who do the same if you know anyone.

I had my final 9 months in my current company before I was "persuaded" to go on their books. In that 9 months I saved a big deposit to put towards a nice car It was fun whilst it lasted but in the end I decided to stay.

It's all about the cash in this game as you never know what's around the corner!

Go for it.

Nick

Mus

iTrader: (2)

the only problem is we are making money but not making enough for me tocharge anymore my boss is very tight

but after some of the advice on here I will be going self employed I just got to work out a package and I'll put it forward to them hopefully everyone will be happy about it

Lee247

Ahhh, but he won't be your Boss when you are self employed. You will be your own Boss and able to give your time to other companies who will be interested. He had better bear that in mind

mickywrx

iTrader: (29)

Got any, non menial, jobs going.

skoobidude

I think if you really want to do this you need to start afresh elewhere. Your boss obviously wants to keep you in house for his own reasons and sees this move as you taking one step out of the door and working more on your own terms. Be careful.

Mus

iTrader: (2)

thank you Lee thats a very good point i could do with a promotion

hey nick a few years back ive been in this area for the past 10 years and I have been offered to work for the bigger companies and I turned it down as I didn't like the way the other companies operated.

I have ten years with this company where I have beat every single record on there books I fear if I go to another agency i might have to prove myself all over again I'm 28 going 29 and I feel I need to be settled inorder to go to the next step in life. maybe kids maybe another Subaru not sure yet what ever god gives me first I'll be pleased. but job security is very important for me at this time. interest rates will rise so will taxes and cost of living.

LEO-RS

Does this not fall under IR35?

An employee to SE with the same company, Isn't there strict rules and regulations concerning this?

Ignore, sorry, read the 1st post incorrectly.

Puff The Magic Wagon!

iTrader: (2)

Your annual salary is £12k per annum, which includes your holiday pay. As a self-employed person, you will have to cover your own holidays. So, if you charged him £1k per full month, then when you have holidays, you would not be able to charge him, so he is saving there. However, you have to be aware of that, which is why you negotiate a proportion of the saved NIC in your favour. Therefore you charge £1.1K per month, still have 20 days "unpaid" holidays but you are no worse off.

Just don't go sick (or take out insurance)

AndyC_772

iTrader: (2)

I switched to doing a 4 day week for my employer at the beginning of this year, and am now self-employed for the remaining day, doing the same type of work but for my own customers.

So far it's been hard work, and since I've had to buy capital equipment, take out insurance and pay for legal advice I'm still very much out of pocket. But on the plus side it's been really interesting, I'm working on some cool products, and it won't be all that long before I'm back in the black.

I'm fortunate enough that I can survive fairly comfortably on the regular income I make from my 4 day employment, so if my consultancy business fails it's not the end of the world. On that basis it's a nice, gentle introduction to working for myself - there's enough to worry about without having my livelihood really depend on it. Maybe after a while I'll have enough different customers and enough work coming in that I'll be able to do it full time, or maybe it'll all dry up. But since it's only 1 or maybe 2 days a week that wouldn't be the end of the world.

NorthDave

Dont go self employed then. At the moment you have job security -as a self employed you are the easiest person to let go.

If you want to expand your working life I would think about expanding the import business whilst still working as an employee.

I dont know anyone who is self employed and is more settled.

I run a company and it is rewarding but can also be the most stressful thing in the world!

Xx-IAN-xX

I started my own company about 8 months ago. Has posted above its hard work but can be very rewarding. http://scaffoldingsafetyservices.com/#
I am now in the process of starting up a 2nd company that should be up and running in april http://chesterfieldscaffoldingsolutions.com/page2.html