Self employed as a second income.

[GeorgeT]

Hi all,
looking at registering self employed but will be staying on the books with my main employer so it will be as a second income.where do I start and tips on keeping track of earnings,receipts( what to keep ect)
Any advice greatly appreciated .:RpS_thumbup:

 

[malc]

i thought that your uncle was going to take you under his wing ?

 

[scottie5]

@BetterTAX may have some sensible advice george, failing that just do cash jobs, the government don't really need the tax money and they'll just squander it anyway.

 

[adamd]

Easiest way m8 is too set up an excel sheet ... different tab for each month .... dates of each week (from/to) for income - then the job /s next to it for reference ...

Then same for expenses .... set your cells up right and it'll add/subtract and leave your profit ...

Keep all receipts. materials, tools, clothes, fuel tools etc ....

Hour a week tops to fill it all in and come end of the year you can do your assessment online in no time :RpS_thumbup:

 

[GeorgeT]

i thought that your uncle was going to take you under his wing ?

I've done bits and bobs with him but not enough. He's kind of at the end of his working life, talks a lot about finding work but the reality is he wants to just put his feet up and enjoy getting old.

 

[gooner59]

Be careful and check with your full -time employer as some employers will sack you if you are directly competing with them

 

[GeorgeT]

Be careful and check with your full -time employer as some employers will sack you if you are directly competing with them

No they are ok with my career change, suits them as when I drive I don't get the premiums that they would have to pay if they where paying someone overtime. ( my other job is bus driver so no competition )

 

[BetterTAX]

Good advice here already (thanks for mention @scottie5 ).

Tsk tsk on doing cash jobs... especially if you intend going legit soon. If you need any help registering as self employed you can always ask us. You'll need to fill in a form for HMRC so they know you're getting self-employed income and also complete a direct debit to have NICs collected (easier than paying it at the end of the year, although you still may owe some - class 4 & 2). This will also set you up for self-assessment tax returns.

Keep EVERYTHING that is a legitimate business expense. If you're not confident in completing a self-assessment tax return (by 31st January the following year) you can always have us assist you - remember it will also have your PAYE earnings to declare. Put any receipts and invoices into 12 monthly envelopes and if you are confident, set up a spreadsheet too.

Good luck!

 

[keithuk]

Nice one @BetterTAX :RpS_thumbup:

 

[malc]

the problem that i can see with you working as a self employed plasterer is who is going to teach you to plaster? it is a craft, something that you have learn not a illness that you can catch.

 

[mikeadams1985]

Plenty of short courses about...

 

[GeorgeT]

the problem that i can see with you working as a self employed plasterer is who is going to teach you to plaster? it is a craft, something that you have learn not a illness that you can catch.

Been offered the possibility of regular work alongside another plasterer but I need to be registered self employed. Im fully aware that it's not a skill that can be acquired overnight,I've done my first year at college and going back for a second but I know there is still a massive amount to learn around that and also once I've completed. I have been out with a few guys and fully admire the way you make it look so easy. I've done a few jobs for friends and family and work with my uncle if he is doing anything and needs a hand. As much as I wish it was as simple as throwing stuff at a wall setting up my own business I know that's not the case. I guess that is what you presumed was my plan when I asked about going self employed? Perfection will come............but I'm far from it yet and I'd feel guilty charging a premium rate for an armature s work.