Author Topic: Employed / Self Employed  (Read 5711 times)

Offline AndyInVA

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Re: Employed / Self Employed
« Reply #40 on: August 5, 2008, 08:53:56 pm »
to be honest I have no idea

the other post I saw I have no idea on

this is where you need to get proper advice from a UK solicitor or muddle through some web site on setting up a company, which frankly should not be that hard

I didnt think you needed to issue, shares, I thought it could be an LLC 100% owned by yourself with your missus lised as a director

its not as if your shares will be traded

but simple answer

I dont know. this is where I know how its done in the states but dont know how its done in UK

Offline K1RKY

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Re: Employed / Self Employed
« Reply #41 on: August 5, 2008, 09:00:36 pm »
I am going to see an accountant tomorrow so hopefully it will be a little clearer then

cheers

Offline El Phes

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Re: Employed / Self Employed
« Reply #42 on: August 6, 2008, 09:22:26 am »
Be careful with 'Wage v Dividends' at the moment cos the government has tried to put everything in the way of Ltd Co's and make it more difficult or have the threat that they will come and investigate you at some point to reclaim more tax from you. Google 'IR35' if you want to know more...

Offline JackBauer

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Re: Employed / Self Employed
« Reply #43 on: August 6, 2008, 09:56:04 am »
yeah I'm a ltd company. I pay myself an employees wage and take dividends out as a director of the company.

You mean you take dividends as a shareholder? Otherwise you'd be embezzling company money - you'd get imprisoned and banned from being a director for that! :)
DAMMIT!

Offline JackBauer

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Re: Employed / Self Employed
« Reply #44 on: August 6, 2008, 10:02:44 am »
but the thing that im not to sure about is the shares, how do they work?

Basically the shareholders "own" the company, while the directors are responsible for the day to day management of it. If you and your wife are the directors then you're running it but certain things can't be done without shareholder approval, so you'd need to consult with yourself (as shareholder) before you went ahead and did them. :)
DAMMIT!

Offline AndyInVA

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Re: Employed / Self Employed
« Reply #45 on: August 6, 2008, 03:44:49 pm »
Kirky mate

how did the appt with the accountant go

what wil your set up be

Offline K1RKY

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Re: Employed / Self Employed
« Reply #46 on: August 15, 2008, 03:10:17 pm »
Yeah, the appointment went well, i've been mad busy thou since then.

There's so much to sort out isnt there?

Im excited about it all thou, I've definately made the right decision, based on my circumstances.

Im at the advertising stage at the mo, which is going well! Im having a company logo designed to put on my van, letterheads and business cards.

I am now registered as limited with companies house, now looking forward to seeing how it all goes

 ;D

Offline AndyInVA

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Re: Employed / Self Employed
« Reply #47 on: August 15, 2008, 03:23:51 pm »
nice one

happy for you mate

when I was in the set up stage waiting for things to get going, I also went out and got set up with credit accounts at local suppliers

it was just one of those things I needed to get done and this was the best time to do it

all the best mate

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Re: Employed / Self Employed
« Reply #48 on: August 15, 2008, 03:37:59 pm »
I do contract work (in IT), but am PAYE as I use an umbrella company to do all my payroll needs such as invoicing, tax allowances and deductions, money transfers etc.

If the possibility of having no work for a month is not an concern then contracting can be very rewarding.

This is the payroll company I use:

www.orangegenie.com
« Last Edit: August 15, 2008, 03:41:01 pm by Gareth »

Offline K1RKY

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Re: Employed / Self Employed
« Reply #49 on: August 15, 2008, 03:39:06 pm »
Thats another thing I've gotta sort out, i'm gonna go and see them on monday mate, my business account should be ready to get hit by then  ;D

Offline K1RKY

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Re: Employed / Self Employed
« Reply #50 on: August 15, 2008, 03:42:31 pm »
I do contract work (in IT), but am PAYE as I use an umbrella company to do all my payroll needs such as invoicing, tax allowances and deductions, money transfers etc.

If the possibility of having no work for a month is not an concern then contracting can be very rewarding.

Im quite lucky at the minute where if i'm out of work for a month then I wont have sleepless nights coz im not tied down to a mortgage or loan repayments

Offline alana

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Re: Employed / Self Employed
« Reply #51 on: August 16, 2008, 01:26:36 am »
Hi mate.

If you're gonna do work for building contractors etc make sure you sort out your CIS registration before you go self employed. No one in the building industry can pay you without having your UTR (unique tax ref) and getting you verified by HMRC.

Thought it might be worth mentionin that if youre deffo goin down this route then register as soon as possible because were advised to let people know when they phone up chasing it it can be at least 6 weeks (maybe even 8- 12 weeks) before you receive your UTR.
« Last Edit: August 16, 2008, 01:28:34 am by alana »

Offline K1RKY

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Re: Employed / Self Employed
« Reply #52 on: August 16, 2008, 01:31:55 pm »
Thought it might be worth mentionin that if youre deffo goin down this route then register as soon as possible because were advised to let people know when they phone up chasing it it can be at least 6 weeks (maybe even 8- 12 weeks) before you receive your UTR.

 :thumbup

Offline K1RKY

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Re: Employed / Self Employed
« Reply #53 on: August 16, 2008, 08:53:35 pm »
Does anyone know if there is a graphic designer on here who could help me out with a company logo?

Offline Hinesy

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Re: Employed / Self Employed
« Reply #54 on: August 17, 2008, 09:40:46 pm »
post in the design thread - there are a few designers on here. That said, they also are self employed so may want to charge for it ;)
Yep.

Offline Roberts LFC

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Re: Employed / Self Employed
« Reply #55 on: August 17, 2008, 11:40:46 pm »
I know a few lads from my neck of the woods that are self-employed, but they are drug dealers and occasionally bullet dodgers ;D

Offline Wewonit6times

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Re: Employed / Self Employed
« Reply #56 on: August 17, 2008, 11:41:42 pm »
I know a few lads from my neck of the woods that are self-employed, but they are drug dealers and occasionally bullet dodgers ;D

You're rock!

Offline K1RKY

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Re: Employed / Self Employed
« Reply #57 on: August 21, 2008, 11:17:50 am »
Im stuck between these two designs for my company logo  ???

Offline AndyInVA

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Re: Employed / Self Employed
« Reply #58 on: August 21, 2008, 05:50:30 pm »
I vote for the first one

im sure the second one is nice little wires making the top of the B, but from distance it looks like childs writing

Offline AndyInVA

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Re: Employed / Self Employed
« Reply #59 on: November 28, 2012, 06:50:01 am »
Pretty old topic but it one of the big advantages I like of being self employed is that I can be at home at ten to two in the morning and instead of watching crap TV, I can sit here at my laptop and actually produce some work.

Offline mkferdy

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Re: Employed / Self Employed
« Reply #60 on: November 28, 2012, 08:34:55 am »
I am self employed and it does have its advantages. I am my own boss, it's enables me to work from home or with today's technology I am able to work from anywhere really however in my industry there are negatives too.

I work a lot longer than I used to when being paye, and in my industry getting paid is quite inconsistent. I can earn a lot one month then nothing for a few months so I have to be very disciplined with my spending habits.

Would I recommend others to the self employed lifestyle? I would say its not for everyone, it does have its advantages however there are negatives as well. I spent my summer holiday abroad pretty much on my phone sorting out issues. Some days I'm taking my first calls of the day at 6am and I'm still arranging interviews at midnight. One thing I do miss about working for a company is the ability to go to work do your job then go home and not worry about it all.

I have been self employed for 5 years now and I wouldn't change the decision I made for the industry I am in. I am in the process of a career change so I'm guessing I will be joining the 9-5 club again soon enough.
« Last Edit: November 28, 2012, 08:37:44 am by mkferdy »