Really need help ASAP

SusieT

lostmyjobyesterday37 said:

Brie said:

Good luck with the job interview and the side hustles.
 

Didn’t get the job but I’m now competing against my old employer and I’ve made more in a day then I make in a week so I am staying self employed:

I think it could have been a blessing in disguise. 

Oh well done, that is good news. I really  hope it works out for you and you can get some savings behind you for the future

theoretica

Good luck!  I hope your new venture works out really well.  But To reassure you further you absolutely won't get your house repossessed over a few thousand credit card debt - that is the advantage of unsecured debt, it is not secured on your property. 

EssexHebridean

That's brilliant - well done!

Assuming you haven't been Self employed before remember that you need to register your status with HMRC - I think you have three months from starting up but double check that - and when they send you the link for your self assessment form don't fall into the trap of thinking you should wait until January next year to complete it, there's no need and for a small business where you will be doing the return yourself it's usually easier the sooner you do it, too! 

Good luck! 

enthusiasticsaver

Well done. Don’t forget to consider things like you need a buffer if you fall ill, savings for tax and NI and a pension. 

lostmyjobyesterday37

theoretica said:

Good luck!  I hope your new venture works out really well.  But To reassure you further you absolutely won't get your house repossessed over a few thousand credit card debt - that is the advantage of unsecured debt, it is not secured on your property. 

Thanks, it’s unsecured credit? 

Can they do anything like that?

RAS

The credit cards are unsecured.

What you need to do urgently if you are going self employed is set up a good emergency fund AND put money towards your tax aside from every invoice that's paid.

You don't want to be scuppered for payments one month because an invoice or two are paid late. You have to build the slack into your finances.

elsien

lostmyjobyesterday37 said:

theoretica said:

Good luck!  I hope your new venture works out really well.  But To reassure you further you absolutely won't get your house repossessed over a few thousand credit card debt - that is the advantage of unsecured debt, it is not secured on your property. 

Thanks, it’s unsecured credit? 

Can they do anything like that?

https://www.payplan.com/debt-info/types-of-debt/what-is-unsecured-debt/

If you’re not servicing the debt, they can go to court for a CCJ. What would generally happen is that you pay the debt if you can afford to, or you agree a payment plan if you can’t. That’s normally where it stops until the debt is paid off or in some cases they agree a lower settlement figure. 

EssexHebridean

The point about setting aside money for tax and NI is a good one - remember you are going to be quite a way awaybeing asked to pay any of those things, but you need to count them as deductions from day 1 and when the date comes that they are due, you MUST have the funds ready. I always used to take 25% straight off the top of everything I got paid - for me that worked for tax, NI, and enough "spare" as a buffer that is gave me essentially a fund to use as "holiday pay" too. Stash it aside into a top paying easy access account and the money is there when needed.