Going self employed

Really enjoying this thread, incidentally are there any other self employed pest techs here :) (as well as 'nell' ;))

Martin
 
pros & cons along with anything else


1stly....get yourself a good accountant
get him to talk through how it works with Ltd company etc and how you pay yourself a salary and then take dividends etc

you will pay less tax
I was a flat rate vat scheme don't know how any other works
any items you need for work etc yes you pay for to buy them but its money at end of year you don't pay tax on

I was different as I had no equipment or tools etc as I was renting myself out to company's for work offshore.... best thing I ever did....people said you could pick & choose your work..... not strictly true...as you want to gain a reputation for flexibility and availability so when thing get bit quiet, you were still the 1st person that was phoned for available work

only reason im not doing it now is got a chance to "diverse & specialize" into a connected area of work I did... I knew in long run its more money so I thought no point trying to learn this "on the fly " whilst consulting for myself...if im going to learn go back on the books and learn properly .

so I didn't have to deal with the dreaded CASHFLOW problem that other service providers have constant problems with...simply put folks paying their bills on time so cant comment on that side sorry


you do need to be strong willed in as said before you are responsible for your own tax etc if yo do this.... so end of year you get a letter from taxman saying your due X amount in one hit.....as your money comes in thru the year you should be building up a pot ( accountant will explain) and the will power you need to keep telling yourself DO NOT TOUCH THIS you are accountable for every penny ...cant just dip in when you like.
therefore... end of year ... receive your tax bill.... no problem write the check and pay it..job done! DO NOT FECK BOUT WITH TAXMAN, once your on their radar your never off of it

need decent insurance too if incase you end up ill, never know what round the corner and if later on you do have mortgage wife kids etc you need to have back up for that ..

its not overly complicated... just start off easy with the paperwork side and go for it


paul
 
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