Starting my own small Business Self Employed Electrician?
I am studying to be an Electrician and don't know a lot about working for myself? (I have worked all my life in the armed services and have recently been retired on medical grounds)
Is there a difference to being self employed as opposed to running your own Business?
I'm even unsure as to what vehicle I am allowed to have in order to claim back tax benefits? I have been told that I can claim 40% for the purchase price of a vehicle, 40p a mile for the first 10.000 miles and 25p thereafter?
Do you have to have a Business Nmae printed on the Vehicle?
Where is the Best place for me to learn about being self employed….. Any good reading?
Thanks for your help!!!
One of the best places to learn about running your own business is to contact your local Business Link and find out when their next free one day course is on starting a business. It takes you through all the basics that you need to know.
Inland Revenue also run free courses to cover all your tax and national insurance questions. They'll be able to answer your questions about vehicle tax.
You don't have to have a name on your vehicle but why not do it? Whilever the vehicle is on the road, it's advertising for you. It's a pretty cheap way of letting people know about you.
Good luck!
Talk soon,
Joe Beaven
P.S. To get a free report that tells you exactly how to make sure you hire the best electrician for your needs in the UK, please enter your details below:
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certaxrugby Says:
Hi
The banks have some quite good guides on starting out in business, but for advice on your business, I would suggest you see an accountant. Most (like me) offer a free initial conversation/consultation.
My website also has a range of free helpsheets.
http://www.jtdcertax.co.uk/helpsheets/index_business.php
As for the approach to take with regards to your vehicle, it depends on what type of vehicle, how you use it, and what legal form you use for your business.
Mark Boulton has written quite a good article here http://www.markboulton.co.uk/journal/comments/start_your_own_business/
Enjoy the experience - I wouldnt go back to working for someone else ever again.
David Nicoll
"the accountant with attitude"
References :
http://www.jtdcertax.co.uk/helpsheets/index_business.php
http://www.markboulton.co.uk/journal/comments/start_your_own_business/
Posted on January 14th, 2009 at 11:23 am
Rosemary P Says:
One of the best places to learn about running your own business is to contact your local Business Link and find out when their next free one day course is on starting a business. It takes you through all the basics that you need to know.
Inland Revenue also run free courses to cover all your tax and national insurance questions. They'll be able to answer your questions about vehicle tax.
You don't have to have a name on your vehicle but why not do it? Whilever the vehicle is on the road, it's advertising for you. It's a pretty cheap way of letting people know about you.
Good luck!
References :
Business Link - http://www.businesslink.gov.uk
Inland Revenue - http://www.hmrc.gov.uk
For more on starting in business - http://www.parrexcellence.com
Posted on January 14th, 2009 at 12:06 pm
fengirl2 Says:
Being self employed is the same as working for yourself, being in business, trading, etc.
You would need to register with HMRC withing 3 months of starting your business and would pay your NIC's by quarterly DD. Your tax would be payable in Jan and July in the year following the year of assessment.
You don't need to have your van sign painted.
You don't claim back travel, etc costs from the tax office. You include in your accounts all your income and all the expenses you have incurred in earning that income. This reduces your tax bill. Capital allowances of 40% in the first eyar and 25% per annum thereafter are due on a van, but if you choose to claim capital allowances, you have to include the full costs of running the van in your accounts - you cannot claim the 40p/25p per mile.
References :
ex Inspector of Taxes
Posted on January 14th, 2009 at 12:25 pm