Shop4Parts - UK's largest online superstore for FIAT and Alfa Romeo parts

Sole trader/Self Employed

Currently reading:
Sole trader/Self Employed

G

Gregry254

Established member
Joined
Jan 28, 2011
Messages
619
Points
185
Ok so I am in the process of starting up a business on the side.

It will basically be fixing/building/upgrading PCs and fixing/building/upgrading home and small office networks and anything else IT related that I can turn my hand to.

My questions is . . . how do I work this? will I set up a separate bank account?

My outgoings will be parts/cabling/equipment
My incomings will be for the parts/cabling/equipment and for my labour of course.

Do I just keep record of this and fill out the self assessment at the end of the year? or do I have to register my self with anyone?

Martin, I know you have dealings with this through your gigs. Anyone else?

Any help is appreciated :D
 
i got a accountant for when i was self employed. sounds odd and expensive but trust me they will tell you everything and where you can and cant get cash back. mine saved me money and payed for themselfs. good accountants know they get payed through your profit so watch them find it lol.
 
I don't see me making much of anything for the first year or so, till word of mouth can help me out :(

Do you mind me asking how much I should be looking to pay for an accountant? Now I think about it, a girl I used to know should be finishing uni soon as an accountant :p lol
 
Gregry254 said:
Ok so I am in the process of starting up a business on the side.

It will basically be fixing/building/upgrading PCs and fixing/building/upgrading home and small office networks and anything else IT related that I can turn my hand to.

My questions is . . . how do I work this? will I set up a separate bank account?

My outgoings will be parts/cabling/equipment
My incomings will be for the parts/cabling/equipment and for my labour of course.

Do I just keep record of this and fill out the self assessment at the end of the year? or do I have to register my self with anyone?

Martin, I know you have dealings with this through your gigs. Anyone else?

Any help is appreciated :D
Click to expand...

Register as self employed with the Taxman...do a tax bill once a year. Keep receipts. Keep a note of miles used for business purposes.

Seemples.
 
Gregry254 said:
Ok so I am in the process of starting up a business on the side.

It will basically be fixing/building/upgrading PCs and fixing/building/upgrading home and small office networks and anything else IT related that I can turn my hand to.

My questions is . . . how do I work this? will I set up a separate bank account?

My outgoings will be parts/cabling/equipment
My incomings will be for the parts/cabling/equipment and for my labour of course.

Do I just keep record of this and fill out the self assessment at the end of the year? or do I have to register my self with anyone?

Martin, I know you have dealings with this through your gigs. Anyone else?

Any help is appreciated :D
Click to expand...

how many times you been round to mine to fix my computers and how many times have you actually managed? LOL, good luck with it matey, im sure it will become a nice wee earner :)
 
Making cracked software work doesn't count :p

I can claim back for mileage or something?

Is the form easy enough to fill out?
 
you get the vat back from fuel fill ups. also if you work in your house you will get a refund from the tax man for the electric bill and heatingbill if you have it as a office. also service and repair of car and any parts you need to buy pluss help hired.

my accountant took a % of whatever he could free up so it varied and 4-5 years ago so i cant remember the usual %. but that way i couldnt loose money and it was up to him to earn his wage.
 
Yes also look into making a limited company, it make life a lot easier, can earn up to 40k tax free as a director in dividends.
Main thing to look up though as well is liability insurance, you really need to be covered just in case mate.

I do the same thing plus other ventures need any advice throw me a mail on [email:mpqtcst7][email protected][/email:mpqtcst7]
 
You'll not get the VAT back on anything unless you are VAT registered. This makes you at least 20% (from Jan 4th) more expensive than the boy really doing it on the side.

I would keep it at self assesment additional earnings level for a start. If it really takes off then you do get tax benefits. You only get a propo9rtion of your heat and light, but also a proportion of your council tax too. Business mileage is fully allowable, but you have to keep copious records of all the mileage you do. You then split the total mileage into business and personal and claim back the same proportion of all bills for the car, including purchase price.

The big problem with all of this is you have to put all the money up front before you get to a tax year end to claim it back.

Cheers

D
 
I am presuming that would be the main part of it.

But I am qualified in cisco and microsoft certififed desktop support technician, so would be willing to turn my hand to anything :)
 
You must log in or register to reply here.

Similar threads

I
New Lexus LS 460 - self parks!!!
Replies
3
Views
483
mountainmachine
M
G
please help IS THERE A SELF SERVICE GARAGE NEAR YOU
Replies
3
Views
1K
imported_andyj
I
Back
Top