Self employment...keeping records

fgh001

Im starting to work as a labourer for a company. I have to be classed as self employed. I'm going to register as self employed but would like some advice in records I need to keep. When I get paid, do I need to somehow get them to sign something for me to indicate how much I've been given and keep that as a record? What about a bank account? Can I use my existing current account? What about receipts for fuel or clothing I need to buy or tools?
Thankyou

Guest101

Are you actually self employed?


do you provide your own tools, set your own hours, could you send a deputy to fill in for you?

ThemeOne

Basically you just need some kind of record of all incoming and outgoing money.

So keep receipts for anything work related that you buy. For the money you receive for work done, you should really be invoicing each time money is due.

I don't think there's any legal obligation to have a separate bank account, but it probably makes life easier if you do.

fgh001

Guest101 wrote: »

Are you actually self employed?


do you provide your own tools, set your own hours, could you send a deputy to fill in for you?

Yes I use some of my own tools, and I can work and take days off whenever I like..
But I don't have a deputy no

fgh001

I take it I can make my own invoice copy for them and a copy for me and keep a log of all income on a spreadsheet for each month?

Pennywise

fgh001 wrote: »

I take it I can make my own invoice copy for them and a copy for me and keep a log of all income on a spreadsheet for each month?

Yes, and a similar log of all allowable expenses you pay out, such as tools & materials, protective/safety clothing, etc.

fgh001

Thankyou
I believe you can take 3 months to register as self employed, is this correct?

jobbingmusician

Read the first post in the mystery shopping thread, in the 'up your income' section of this board, for much helpful information.

And keep a record of mileage (if you are SE, your home is normally your base) and any printing costs, in addition to the expenses already identified. (Do you need a computer for your admin? Broadband?)

fgh001

Thankyou..do you have a link? I can't seem to find it.

Am I okay to register as self employed while at the moment I'm just labouring for one construction company? I plan in the summer to do garden work like grass cutting etc to earn more money.

comeandgo

Are you going to be working in the construction industry? You will need to register as CIS sub contractor with HMRC.

jobbingmusician

fgh001 wrote: »

Thankyou..do you have a link? I can't seem to find it.

https://forums.moneysavingexpert.com/discussion/5159122