[Closed] How hard is it to set up to be self employed?

Dead easy to do. I would find a good, cheap Accountant first who will guide you through it.

[url= http://www.lovemoney.com/news/manage-your-finances/self-employment-how-to-get-started-2278.aspx ]Good article here[/url]

Not sure about self-employed but you can set up a limited company online. Takes a few minutes and costs a few quid. I imagine self-employed is easier.

All you need to do initially is notify the tax man and get them to send you a form (basic one stating the name of your company etc). Unless you're earning big money, that's about as complicated as it gets.

You then get the joy of doing your own tax return next year - that's when it pays to have talked to an accountant to find out what you can/can't claim for.

Even hard work may end up in failure.

Or success. You just have to give it a try after some research.

Just go for it!

Yeah, the initial expense of registering with an electrical body is the sariest thing. HAs anyone taken out a loan to set up?

Yup - took out a loan to take advantage of matched funding by the local council - may be worth looking into grants and such - most local councils will give you a bit of cash - especially if you live in a cr@ppy area like me!

I set up as a limited company earlier this year. Did it the lazy way and paid some company £49 then sat back and got all the certificates.

All accounts are on an Excel spreadsheet. Paying an accountant to do all the tax stuff for me and the company.

More worry than actual problems so far.

Good luck

good article there. I am in the process of registering as a sole trader with the slightly more complicated situation of also having a full time job with somewhere else - am assuming I need to continue paying tax/NI on those earnings at source, and then send my P60 along with my self assesement form for the business earnings when required (I think a phone call to HMRC/IR is needed for some advice on this)

HMRC (The Tax Office) Offer free training courses on how to set up your accounts [url= http://www.hmrc.gov.uk/selfemployed/tmastarting-up-in-business.shtml ]*Clicky*[/url]

Business Link also have a lot of info [url= http://www.businesslink.gov.uk/bdotg/action/layer?r.s=tl&r.lc=en&topicId=1073858805 ]*clicky*[/url]

and if you speak with your Economic Development team at your local council you may find they have grants available.

If you find yourself signing on your Adviser will have access to an 'Action Fund' (Part of the Rapid Response Fund)that they can use to help you buy equipment etc to start up in business if you can make a good business case.

Up here in the wilds of yorkshire, we have (in sheffield this relates to) "SENTA" Sheffield Enterprise Network Agency... they can appoint a business advisor to help with the accounts, book keeping and any other information you have, effectivley hand-holding you through the process. Go on the rock and roll and you'll be in the limelight for a little more cash than the working man (or so it seems from the info I have)

A 'socially deprived area' also helps to base your business as you are once again looked on with favourably.

Good luck with things 😉

jt 😉

N.B. The action fund is only available for parts 1 to 3 of New Deal and possibly only up until 6 months unemployment. My overworked job centre plus have been shocking with advice and funding for self employment. This culminated with me being pushed out to Reed in Partnership 3 weeks early and boom there went my set up help and £50 a week subsidy for 16 weeks wages! Not impressed at all.

I've just set up my own business.

Re: the action fund, it is available to people who have been made redundant. They must apply for it within 13 weeks. It can be used to get into employment or to set up your own business. It has literally JUST changed in as much as it now CANNOT be used for assets that can be sold (i.e. equipment, tools). You can, however, get support for branded clothing, insurance, tool hire etc. I have just been awarded a good sum to assist me, and the local council offer a £500 grant to new businesses too which has softened the blow between the two of them.

The only thing I have found takes a lot of thought is keeping careful track of things, from people's phone numbers to diary appointments, money spent/receipts, and careful pricing for contracts.

I am a gardener and have had much more to do than I thought:

Paperwork, including branded headed paper, invoce/receipt booklets, financial records/filing system for receipts.
Bank account - how many PIN numbers do I have now?
Equipment...don't even go there!
Vehicle- company details now emblazoned on my car.
Clothing - finding things that fit and getting them embroidered.
Insurance - easy one to sort out.
Leaflets/business cards - I did my own leaflet on powerpoint and sent the file to bestprint who did 1000 very high quality full colour prints for £45 posted. Used vistaprint for cards though I'd not go to them again. The spent 5 half-days doing door-drops. I hate doing this but it's got to be done... 1 call a week later so far (1000 leaflets delivered), but there should be a lot more come the right season.
Training/learning - Do you know enough about your chosen career to call yourself a professional? Never stop learning/asking questions. I have an excellent online network where other landscape gardeners share ideas, opinions and experience, from subjects such as pricing work to best equipment and up to date news on the industry (e.g. legislation etc).
Qualifications - My business requires at least 3 certificates to be held (pesticides and chainsaws).

Pricing is key though...get it right first time and don't go too low or you'll really regret it!

GOOD LUCK!

Not very hard to set up your own business.

Consider going the Ltd company route (rather than sole trader / partnership etc.) due to limited liability (i.e. protection of your personal assets) and also the tax efficiencies on offer.