How To Make A Living. ?

[jibspark]

ok a new thread has been started for it here: http://www.talk.electricianforum.co.uk/showthread.php?p=62257#post62257

didnt want to hijack this one.

 

[jibspark]

ive just sat down and gone through all my business expenses, allowing for a bit extra and it works out that i need to earn

 

[NozSpark]

Food is not a business expense!!

If you try and claim for that with the IR they will have your pants down!

 

[green-hornet]

Have you done your calculations for every hour of the day/week/month/year?

Remember you have to calculate for the working hours.

If you can work for

 

[jibspark]

Food is not a business expense!!If you try and claim for that with the IR they will have your pants down!

i dont claim for it on my return, tbh the only reason its on there is due to GH's example.

 

[green-hornet]

ive just sat down and gone through all my business expenses, allowing for a bit extra and it works out that i need to earn

 

[Evans Electric]

ive just sat down and gone through all my business expenses, allowing for a bit extra and it works out that i need to earn

 

[jibspark]

not part of a scam yet, forgot about recalibs, so i will add that, and fuel is a hard one to estimate but i will work it out from last year. (did loads of miles) as for phone bill, i only allow 50% of line rental on my return so ishall do the same. cheers guys!

 

[green-hornet]

Remember this is only your business running costs.

You will have to include your living expences.

Rent or mortgage

weekly food bills

entertainement

tv licence

holidays

clothing

council tax

and loads of other bills that have to be paid

 

[Evans Electric]

Hi Jibspark, we all want to earn loadsa money but times are hard. A mate is a breakdown electrician, dosn't do installations, rate

 

[jibspark]

Remember this is only your business running costs.You will have to include your living expences.

Rent or mortgage

weekly food bills

entertainement

tv licence

holidays

clothing

council tax

and loads of other bills that have to be paid

oh i thought you just did business expenses and then just paid your wage from the rest.

i shall add all my personal expenses too.

just had a thought, when i get the final break even figure should i times it by 1.3 to allow for tax and ni at about 30%

 

[jibspark]

Hi Jibspark, we all want to earn loadsa money but times are hard. A mate is a breakdown electrician, dosn't do installations, rate

 

[green-hornet]

Oh hell yes, so many people do not include their taxes which should never be used as a chashflow option or loan, before you know it you have spent it all and cant pay the taxman.

 

[jibspark]

Oh hell yes, so many people do not include their taxes which should never be used as a chashflow option or loan, before you know it you have spent it all and cant pay the taxman.

cool, ishall make a start and see what the figure is. so you dont realy need to do this for each job you estimate, you just do it the once to help you calc your rate/hours from this point forward.

 

[jibspark]

cool, from what i can worl out i need to be at

 

[green-hornet]

cool, ishall make a start and see what the figure is. so you dont realy need to do this for each job you estimate, you just do it the once to help you calc your rate/hours from this point forward.

Yes you only have to calculate it once and then apply your base figure to each job.

This way you will find the minimum you could reasonably afford to do the job at.

Its more crucial for the larger jobs than most domestics but should be seen as good practice for everyone.

Its very similar if you do a business plan, it shows you where you are now, where you want to be, and how long it will take you to get there.

As your costs change you should change your rates.

To remain competative you may have to cover some expenses out of your profit.

If you have a clear understanding of how much it costs for one hour of work, then you will appreciate how much you have to earn to make a living.

 

[jibspark]

Yes you only have to calculate it once and then apply your base figure to each job.This way you will find the minimum you could reasonably afford to do the job at.

Its more crucial for the larger jobs than most domestics but should be seen as good practice for everyone.

Its very similar if you do a business plan, it shows you where you are now, where you want to be, and how long it will take you to get there.

As your costs change you should change your rates.

To remain competative you may have to cover some expenses out of your profit.

If you have a clear understanding of how much it costs for one hour of work, then you will appreciate how much you have to earn to make a living.

a very usefull thread! nice one GH!

 

[Evans Electric]

Does your name ,Jibspark, indicate that you are graded by the JIB ? In which case , the following may give you a base rate to start from.

Employed Sparks.

2009 Electrician grade with own transport..........