self employed

coinflip

hi, hope u can help i am currently an employee but thinking of going self employed (electrician) and would like to know if their any grants available for tools,transport etc .Also what (if any) benefits i could claim as a safety net if i earnt £0 (worst case scenario that hopefully wouldnt happen)? .i have a mortgage,partner and 3 kids to support. thanks for any help:beer:

TomsMom

If you google something like "small business grants" and/or "setting up new business" I'm sure you'll find quite a bit of information.

Not sure about any benefits as a safety net if you earn nothing (google "benefits for self employed") although I do know that you can get incapacity benefit when self employed.

Becles

You can claim Working Tax Credits and Child Tax Credits depending on your income, as long as you work an average of 16 hours a week.

If you do some 40 hour weeks, then have a couple of slack weeks, as long as it balances out at over 16 hours average, you'll still get tax credits.

I'm self employed, and I put money in a savings account on the very good weeks, so I've got a safety net in case of a bad week.

davef

Hi

Speak to your local business link advisors - they should have info on grants etc.

http://www.businesslink.gov.uk/bdotg/action/home?r.l1=1073858790&r.s=l

Worth noting that the Inland Revenue run some free workshops about self employment & taxation. I attended two and picked up useful info. Dont forget to register as s/e within 3 months of commencement.

Make sure you pay your class 2 national insurance. Setup a direct debit so you dont forget. After 2 years payments you are entitled to sick benefits etc etc.

Finally, I employ 'sparkies' as I am a f/t property developer and cannot emphasise enough the importance of
(in no particular order)
1. accurate written quotes
2. good time keeping
3. communication
4. consistently high standard of work.

I apologise if the above seem a touch patronising but I am amazed how poor so many trades are these days. I am on my 3rd sparky in as many projects. The one I use now meets the above criteria although he costs more he is more 'cost effective'. He also appreciates that his business with me is 'repeat business'.

Finally when you apply for wtc & ctc you can forecast your self employed income but be realistic. Bear in mid these benefits will be adjusted the following year when you tax return has been completed.

Good luck - a good sparky will never be short of work (especially with Part P)

beanz14

Read last week about childcare vouchers but the info given on the site did not illustrate how to get vouchers if you are self employed ... and what impact if any this has on personal tax. If anybody has any experience do let me know because my childminder is richer than me! Ta