self employed whilst working

[moony]

any advice or anyone done this...

im free weekends and tuesdays, i get asked to do jobs but normally go through the bloke i work for. Asx some of you know my wages are dire, fully qualifed nvq level 2, currently completing my level 3 so dont want to leave him until thats completed, he has giv e me his backing to work on the days as long as i dont give my cards out on the days im with him (fair enough)....

so how do i go about this, anyone done this ?
what are the tax implications ?
i have got some good qoutes for insurance
have own van and tools.
have business cards being designed by friend of family for mates rates - did try myself but want something more proffessional...

i can obviously offer everything apart from fuels, and unvented at present even though i know how to do all this i will be steering clear of this work until im qualified...

i know all about pricing and project management, as i do all this in my job currently, but the minimum wage im being paid isnt helping me and as i have 12 years experience in the building and construction trade i need to branch out a little on my own to top up my wages.... my agreement with my boss was to stay on min wage til level 3 qualified (part of the deal of him getting me through apprenticeship but that was 3 years ago) i am now fully experienced in heating, bathrooms, underfloor heating, powerflushing, general plumbing, kitchem fitting. and i am currently taking a course in renewables, so obviously i have to a lot to offer, and do get offered jobs but want to do it properly rather than as a foriegner or give him the money for work im generating...

anyone started up on there own alongside there job ? any experiences or advice welcome

cheers

 

[migoplumber]

get in touch with your local tax office.

 

[justlead1]

Have a word with and accountant. It is likley that the earning will be less than expenses if you are only working a couple of days a week. The vehicle expenses incurred whilst marketing etc, may well be an expense. It will be time well spent generating a spreed sheet and logging all income and expense. Good Luck

 

[moony]

cheers just lead - i will be going alone next summer - but hoping this will get me started....

cheers migo, i will check with local tax office

 

[beckykidz]

I've just registered as a self employed plumber to get my nvq 2. A visit to an accountant is free and they explain everything you need to do. I can only work 2 days a week due to family commitments and it doesnt seem like I could ever earn enough to pay tax. The advice to me was to keep a log of everything you spend and earn, and for £200 a year my accountant will send in my tax returns and be at the end of a phone whenever I have any questions. I had to register to pay NI contributions too.

 

[REDSAW]

imo dont think you have to pay tax if you are just training, especially if its self funding as you can put all costs tools etc down to training needs. you can really stretch this too, as you will not really have a bonafide business to take a market share in the world of plumbing. unless you portray it as such.?.

 

[moony]

so trip to accountants and tax office is in order....

 

[oilman]

for business cards try www.vistaprint.com
nice cards and cheap
I buy mine there

 

[pauls]

i was doing it last year before i left the army i went on to a different tax bracket cant remember what it was now but paid a bit more tax.

 

[moony]

cheers for the info lads - yeah now all about vista oilman - i will be using them cheers