M2RTY
Member
Registered: 25th May 01
User status: Offline
|
quote:
Originally posted by Cosmo
Ah sorry, thought you were speaking in general rather than about Tiger directly.
Agreed about being a sole trader/partnership and taking your costs out of that. We have part of ours set up as a partnership so us as partners can take out costs such as petrol, etc. as well as taking our drawings from it. Then charge a management fee over to the limited company for our services.
Yep...I am working with a photographer going self employed as a sole trader and a few guys forming limited companies to go working as consultants....each have there +/-
|
M2RTY
Member
Registered: 25th May 01
User status: Offline
|
the 2 i mentioned are essential....others (advertising, accountant etc) are not essential by law as a sole trader and anyone with half a brain can do them
|
jrsteeve
Member
Registered: 3rd Apr 02
Location: Manchester
User status: Offline
|
I'm a sole trader at present as my business is in its early stages still, but will look to becoming LTD at some point in the future. I've not had to do a self assessment yet, but the forms came in the post yesterday. Any tips? I work from home, use own car etc and have been up officially since Sept 08 but unofficially since May 08.
|
jrsteeve
Member
Registered: 3rd Apr 02
Location: Manchester
User status: Offline
|
Oh and its a residential lettings agency BTW. I'm a member of RICS so am protected under their insurances at present.
|
Tiger
Member
Registered: 12th Jun 01
Location: Leicestershire Drives:Astra VXR
User status: Offline
|
What happens if you close the company? Do you just send a letter somewhere saying that you are ceasing trading?
|
M2RTY
Member
Registered: 25th May 01
User status: Offline
|
quote:
Originally posted by Tiger
What happens if you close the company? Do you just send a letter somewhere saying that you are ceasing trading?
for a sole trader (easiest for you), you would stop the Class 2 NI, complete a return at the end of the tax year (or within 6 months) and job done
You never have to register a company as such when you are self employed. This is becuase YOU are the business. You dont even need to have a unique name.
For a public company there is more paperwork, more fees per year to register the company, audits, legal work, must have a unique name etc etc
theres allowances on how much you can earn before you pay tax/class 4 NI etc too. Try http://www.businesslink.gov.uk/bdotg/action/home?domain=www.businesslink.gov.uk&target=http://www.businesslink.gov.uk/&tc=000KW021413519 for EVERYTHING you need to know
[Edited on 19-05-2009 by M2RTY]
|
M2RTY
Member
Registered: 25th May 01
User status: Offline
|
quote:
Originally posted by jrsteeve
I'm a sole trader at present as my business is in its early stages still, but will look to becoming LTD at some point in the future. I've not had to do a self assessment yet, but the forms came in the post yesterday. Any tips? I work from home, use own car etc and have been up officially since Sept 08 but unofficially since May 08.
If you work from home and have a dedicated office, make sure it can still be used as a bedroom to prevent you from having to pay Business Rates on the property. You can also put a % of gas/electric/water through the business to reduce profits (money you have already spent on the home)
Just put things through like petrol, travel, insurance, fees, telphone, marketing etc too
|
M2RTY
Member
Registered: 25th May 01
User status: Offline
|
rough idea of how much you need to put aside for tax...
Estimated net weekly profit (£ per week) Approximate amount to set aside for tax and class4 NI (£ per week)
75 ___________________________0
100 ___________________________0
125 ___________________________4
150 ___________________________10
175 ___________________________17
200 ___________________________25
225 ___________________________32
250 ___________________________40
275 ___________________________47
300 ___________________________55
350 ___________________________70
635 ___________________________155
plus £2.40 per week class 2 NI on top
[Edited on 19-05-2009 by M2RTY]
|
jrsteeve
Member
Registered: 3rd Apr 02
Location: Manchester
User status: Offline
|
quote:
Originally posted by M2RTY
quote:
Originally posted by jrsteeve
I'm a sole trader at present as my business is in its early stages still, but will look to becoming LTD at some point in the future. I've not had to do a self assessment yet, but the forms came in the post yesterday. Any tips? I work from home, use own car etc and have been up officially since Sept 08 but unofficially since May 08.
If you work from home and have a dedicated office, make sure it can still be used as a bedroom to prevent you from having to pay Business Rates on the property. You can also put a % of gas/electric/water through the business to reduce profits (money you have already spent on the home)
Just put things through like petrol, travel, insurance, fees, telphone, marketing etc too
|
