A Fresh Start

[Dave_]

Hello everyone, havent posted here for ages, still travelling around the world and loving every minute of it, but unfortuntely that bubble is about to burst.

Im going to have to work again! damn it!

I was on the books with a decent contractor for six years and left the job to travel. Although the job is still open for me i'm more interested to work for myself.

Im sure this has been discussed a million times before on here so im sorry to post again, if you can redirect to another post that would be very useful.

What i really want to know is to what is required to become self employed?

I know i will need:

My own van (+ ins. etc)
all tools, steps etc
Liability insurance

Anything else? any advice? like dont do it mate!! haha..

I have work there for me in London (will start based in Newbury) can cover most of the south from there.. Also qualifications will not be an issue, got enough of those..!

How much could it cost to start up? so many unanswered questions.....

From there once i have a bit of money after a year or so id look for NAPIT/ NICEIC registration....

well thats the plan anyway......!

Any advice would be wholly appreciated.

Dave

 

[simpson93]

depends and sector of electrics your going onto specificly, domestic you have your part p scope to look at

 

[Dave_]

Id be looking at doing all sorts of work if i can get it, i have domestic, commercial and industrial experience.

With regard to part p im not initially looking to actually compete for work, i'm looking to first become a subbie - i can sub myself out to somebody in london. so then i'd have more responsibility than i did on the books, then when ive got a bit of experience doing that (ie tax return) i'd look to get part p and nic registration and actually compete for work.

So basically i just want to know what is involved in starting up. I want to go bit by bit!

cheers dave

 

[simpson93]

well if ur a subby just tools really, keep all your recipts for stuff, get a decent accountant(will pay for themselves)

 

[Des 56]

You may need to contact the inland revenue

If you are subbing without registering with them as a self employed contractor
The main contractor has to deduct more of your labour payment in tax than he would by being on their register
I think the figures are 20% and 25% respectively
It used to be a CIS card obtained from the revenue with photo ID,but not sure if these are in force nowadays,because the main contractor has to be told by the revenue how much they have to deduct

 

[Dave_]

Thanks Des. I think i pretty much get what your saying.... it basically sounds like when i was a kid with a new job without a tax code, getting hit with emergency tax (25%) and once the new employer has the new code you drop down to your normal rate (20%). Basically if you dont register with the IRS you get stung. I should be ok on most of the tax stuff, and an accountant as my father and sister both run successful businesses. Its just what i have to do to get started that i'm not sure about. It sounds like van, tools and insurance.... keep it simple! Im also clueless about how much money to ask for from the contractor i'll be working for. Central London is where the work is, ill be commuting from Newbury every day. Anyway i shouldnt be thinking about this now, im in Cambodia and am off to see the sunrise at Angkor Wat on a tuk tuk tomorrow morning..!!!!

 

[trev]

Anyway i shouldnt be thinking about this now, im in Cambodia and am off to see the sunrise at Angkor Wat on a tuk tuk tomorrow morning..!!!!

Thanks for that Dave. Heres us lot freezing our cods off and you're off to what must be one of the most beautiful sights in the world.
Quit worrying and enjoy it mate

 

[nick182]

tools and testing equipment,
van,
Professional Indemnity and/or Liability Insurance,
ECS Card,
Electrical Supplier,
Advertising ££ - website and business cards/flyers

thats all i can think of atm :/

enjoy ur holiday... not that im jealous or anything.