Help

teacup_2

Hi can someone please help me. I am starting a job. Where I am classed as self employed for a company. Even though I am self employed I am classed as a sub contractor for the company. If I need a mortgage how does this work and also I have not had my first wage yet, so what should I do about tax? Registering etc?
Many thanks

jimmo

Wow!
I sort of know what you mean but the red tape is that you are either starting a new employment or you are becoming self -employed and starting a new business. For tax purposes if you are working in the construction industry being a sub-contractor is a bit of a middle ground but that is only for tax purposes. In life apart from tax, being a sub-contractor in the construction industry generally means you are self employed.
You need to register with HMRC as self-employed and start paying class 2 National Insurance, currently £2.70 per week and start putting money away for tax and class 4 National Insurance. Current advice on here is that you should put away 30% of your gross takings for that unless you are in the construction industry.
As regards a mortgage you would probably be better asking that on the house buying forum but my understanding is that mortgage lenders look for consistency of regular employment or long term self employment. As you are starting a new “job” then regardless of whether it is employed or self-employed, I seriously doubt that you will get a mortgage but ask on the house buying forum.

teacup_2

Hi thank you for your reply it's not construction industry. I am a telesales worker. I will register with the HMRC. The mortgage side is looking a bit bleak for me . I am looking to buy a one bedroom flat which will cost if I a lucky around £150,000 I have a deposit of £100,000 due to fifty fifty marriage split. But over the years I have done little jobs and I hate to say it . I haven't been the main bread winner . So now I find myself with a few dilemmas and bit worry about the future, well very worried!
Thanks for reply