Self employment advice/opinions needed please.

[Alex Beckett]

Hi all,

I am in the process off setting my self up as self employed and was after some advice/opinions please...

I was wondering out of all the self emplyed people on here, who has become VAT registered and who hasent? And is it a waste of time or would you recommend it?
I have looked at liability insurance also, would anyone recommend a particular company or is it a case of just finding the best deal?

Thanks in advance,
Alex.

 

[Atouchofgas]

Don't go down the vat route until you really have to, as for pi shop around and read the t&cs v carefully also search the forum as there was a discussion on this http://www.ukplumbersforums.co.uk/showthread.php?t=35871

 

[hammers4spanner]

Vat registered before you start up !!!

Unless you have a 76 grand install then why you thinling vat

 

[Centralheatking]

Its dead easy - just do some adverts and get some work - then
go off sick from your full time job from time to time if you get a big job - do weekends and evenings - even do little jobs in firms van and firms time my lot do - but park around the corner otherwise the customer might phone up the number on the truck to call you back !

When all your private work interfers with the day job jack it in
but stock up on fittings and stuff first.

Dont tell the bank as they will charge you for your account, and move onwards gradually.

Thats how I and my mates did it

centralheatking

 

[lame plumber]

good to see your lads treat you as you treated your employer CK, nice sensible advice there

 

[jtsplumbing]

Unless you have some work lined up and your the only plumber for 20 miles forget it, small fortune to start up, then you will be working every Hr to make ends meet, If you are single and have No commitments and live at home, Go for it ! If you have got a full time job keep it, unless you don't mind a sharp cut in earnings, no holidays (With Pay) having to do mounds of paper work, and competing for each job, And why the hell do you want to go VAT registered ? you will adding 20% onto your labour costs and that can make all the difference between getting a job or not.

 

[Alex Beckett]

Ok, thanks for the replies. Was just asking the question as all my old friends that I've spoken to the first question they asked was are you vat registered yet then?
So thought I'd just put the question out there.

Like most of you say it would put my labour costs up and I don't want that.
Thanks for the help.
Alex.

 

[Mrs Tara Plumbi]

We who have to be VAT registered wish we weren't it is a burden to be avoided!

Advantage to be VAT registered if you work on new builds or change of use conversions as all VAT can be claimed back.

If you are subcontracting and supplying to a main contractor they will want you to be VAT registered - better for them.

Don't go VAT registered until you have to.
If you are successful in your busness and have to go VAT registered talk to HMRC and go on their free courses they are helpful. You can reclaim VAT on capital expenses and various stuff for 6 months or so before you apply for registration.