Rob E
Member
Registered: 1st Jan 06
Location: Madeley, Stafford....I want to live back in Wales!
User status: Offline
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Hey guys,
I need to find some information about setting up as my own business/becoming self employed. I have had a couple of job interviews last week and both positions are contacted. Basically I have to set up either on my own or through an umbrella company. I've had a quick look on the hmrc website but it seems like an overwhelming amount of information to take on board and thats just the tax side of things. Can someone give me a basic breakdown of what I need to do in order to get the ball moving? Is there any local authority or something similar that I can go and chat to about setting up etc?
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VrsTurbo
Premium Member
Registered: 8th Jun 10
User status: Offline
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Depends if you will be staying contracted for a while. If not go umbrella.
Register your company name, register for VAT, get a business account and a good accountant
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Tom G
Member
Registered: 4th Aug 08
Location: Cheshire
User status: Offline
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Get Whittie the delboy on the case
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Gary
Premium Member
Registered: 22nd Nov 06
Location: West Yorkshire
User status: Offline
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You'll have to go ltd. Cant work for just one company if your self employed
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Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
User status: Offline
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Check ICS out, independent contractor services.
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Gary
Premium Member
Registered: 22nd Nov 06
Location: West Yorkshire
User status: Offline
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If you sign up to uk business forums you'll get a more in depth answer too.
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James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
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Umbrella company = MUCH easier, basically PAYE, you won't get the tax benefits of LTD company though.
LTD Company = more of a pain, will require an accountant which costs money, but you will pay much less tax.
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C2RL R
Member
Registered: 28th Mar 02
Location: Redcliffe, QLD
User status: Offline
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Have a look on companies house website for info. I found it pretty useful.
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mattk
Member
Registered: 27th Feb 06
Location: St. Helens
User status: Offline
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what is it you are doing, and how much will you earn?
All I did was go on HMRCs website and register self employed. its piss easy, you can do it online. they then send you a Unique Tax Reference number that you will give to your accountant when you do your anual tax return. its really that simple
go to your bank and ask for a business bank account. they will set you one up there and then.
if you work as a contractor then the firm you work for will pay your wages into your business account, they will take your income tax off your wage before they give it to you and give you a recipt of tax paid at the end of every month. you give those recipts to your accountant along with recipts of any business expence Ie clothes, fuel, insurances ect. those tax recipts along with your expenses will no doubt get you a tax refund and you wont have any nasty shocks come april.
National insurance you can either pay by direct debit or just pay the bill they send out to you anually
This is what I did, however if you are going to be making enough to be vat registered or have to be LTD then I cant be of any help
[Edited on 06-08-2012 by mattk]
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Seany
Member
Registered: 13th Dec 06
Location: Dunfermline, Fife : Drives Astra cdti Sri
User status: Offline
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Umbrella is much easier to do. You can work for just one company if you want it makes no difference, as for the tax and national insurance I paid less tax and a minimum of think it was £2.50 national insurance a week.
I claimed back shit loads of travel money and food allowances, just keep receipts for everything. Will update when I remember what company it was. You will also need to register for your utr number ( unique tax reference ).
 just saw matt said all this
[Edited on 06-08-2012 by Seany]
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laingyla
Member
Registered: 7th Jan 09
Location: Coedpoeth, Wrexham
User status: Offline
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Good luck with your business dude 
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Rob E
Member
Registered: 1st Jan 06
Location: Madeley, Stafford....I want to live back in Wales!
User status: Offline
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Thanks for the info guys, useful so far
Ive had one interview with Jaguar (I was to only one interviewed for the role), and another with Bentley where I have made it down to the final two candidates. The Jag salary is £32000 a year and there has been no discussion of the salary with Bentley but i expect it to be around a similar figure. From whayt I have read I dont think I need to worry about being VAT registered until you earn over £75000 a year?
Jaguar give you the opportunity to go permanent after a couple of years while Bentley will allow you to do so after 5 years.
If I go through an umbrella company then what would happen with regards to SSP and Holidays? Is it the same as going it alone where you dont get either?
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Gary
Premium Member
Registered: 22nd Nov 06
Location: West Yorkshire
User status: Offline
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Depends on the contract. Might be salaried wether your in or not, or you'll only get paid when your there
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mattk
Member
Registered: 27th Feb 06
Location: St. Helens
User status: Offline
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yeah only need to be vat registered if you turnover 75k or more
I cant see you getting sick pay or holidays from an umbrella company tbh, I dont see the point in using one really? do they do your accounts for you or do you still need your own accountant? and if they do provide an accountant I cant see them being as "generous" as your own would be.
to give you an idea of prices of a tax return last year I paid £230 for one, and he claimed back £3900 for me, thats a nice bonus in january just after christmas
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Gary
Premium Member
Registered: 22nd Nov 06
Location: West Yorkshire
User status: Offline
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Would prob be less than that Matt. He'll only have 12 payments in and a few fuel receipts out
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Liam-Wilko
Member
Registered: 6th Mar 08
Location: Sunderland, Tyne and Wear
User status: Offline
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0845 915 4515 phone that number its for HMRC newly self employed they will give you all the info you need or should
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Seany
Member
Registered: 13th Dec 06
Location: Dunfermline, Fife : Drives Astra cdti Sri
User status: Offline
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It's the company that still sorts put sick pay and holidays from my experiences.
The company I used also does my tax return for 130 quid, the company literally is just a middle man who gets your wages before you.
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Rob E
Member
Registered: 1st Jan 06
Location: Madeley, Stafford....I want to live back in Wales!
User status: Offline
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Well, had my final interview and got offered the Bentley role today  I'm awaiting a call back from a family friend who is an accountant to see which route would be more suited to my needs.
The agency that got me the interview have recommended a company called black diamond umbrella. www.blackdiamondumbrella.co.uk. The first thing I have noticed is there is no mention of their fees anywhere without making contact with them. Has anyone used or currently use this company at all?
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VrsTurbo
Premium Member
Registered: 8th Jun 10
User status: Offline
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Go ltd!!
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