becoming self employed...

trojanhorse_2

im quitting my job in a few months as the money is crap and the work is very boring and tedious. im stating up a small landscaping/painting and decor.. buisness. nothing huge just me and a freind getting a truck and a van and a bit of cash together, gonna do a bit of advertising in the local papers and perhaps a website an ill gonna give it a go.
i just need a list of everything im gonna need to know...
eg...

*what outgoings i will be paying /tax etc....
*do i need to register this buisness
*do i need insurance and stuff like this...

never run anything like this before. i see it more as me becoming self employed than acctually running my own buisness if ya know what i mean???

any help would be great. thanks..;)

girlsmum

you will need to keep a record of all incomings and outgoings (buiness related) you can offset these costs against your annual turnover to get to you net profit the net profit is what you pay tax on. so how much you pay all depends on how much you earn. it is wise to keep some of your takings in a seperate account to cover tax which you will pay at the end of your tax year

yes you need to register as SE i think it is within 3 months of becomming self employed
And yes you will need to get public liability insurance.

trojanhorse_2

excellent advice thanks........

Savvy_Sue

Also look on the Small Biz board, I know they'd recommend Business Link, and there's advice on going self-employed etc.