self employed

[searley]

what are the beneits of being self employed.looking into trying to start up on my own.i have got 3-4 days a week lined up by a local electrician and looking into doing odd jobs to fill the rest of the time just wondering what benifits like taxes and funding i would be intiteled to.

 

[green-hornet]

You do not really get any extra help or funding if your self employed.

The benifits are, you work for who you want when you want if your busy that is.

The downturn is, you dont get holiday pay, sickness pay or paid bank holidays etc.

You have to remember to save some of your profits for the tax man and not use them as a cash flow like I do!

 

[jl-heating]

no beniefits really, you just work harder and longer and you answer to your self .

 

[WarrenG]

Some good and bad points:-

Good Points:

You get to make the decisions

You can plan your time to suit you

You answer to no-one but yourself

You can earn the kind of money you want to. (the more you put in the more you will earn)



Bad Points

You may have to wait to get paid

You dont holiday or sickness pay as employed

You have to do all the jobs, answer phone, type letters, clean the van etc

You have to build up your customers

You have to control your own accounts (unless you pay an accountant)

You have to pay the tax man

You will need business insurances etc



Obviously its no walk in the park and sometimes you will think and wished that you just had a job and got paid regular every week. Most people I know who work for theirselves say its the best move they ever made and wouldn't go back to working for anyone else again.

Myself included

 

[Subneural]

Good bit:

If you get lots of work in then your making a profit for yourself not someone else.

If you have no work on then you dont have turn up, you just sit at home and dont get paid.

Bad bit:

No work, no pay.

You will work your ass off for not much, especially to start with.

I love it but the misses really gives me **** when I'm at home and she goes out to work. Even if I'm at home working.

 

[Evans Electric]

National Insurance is low compared with being employed but it entitles you to nothing except state pension. After two years ( I think its two years) you can't sign on for any benefits, thats just for immigrants, you're on your own then.

Why did you think you would be entitled to benefits , as for tax, yes you have to pay it. You did'nt honestly think you would get any funding did you ??

If you want something for nothing, become an MP.

Deke