20 & 21
If I want to take a long lunch or take an afternoon I have to manage money and accounts both penalise you. If you incorporate you need to speak
off, I can so long as there are no deadlines due and personally and for the business, which in my to Companies House about registration of the
I’ve remembered to put the phone on divert. The chosen occupation isn’t too hard as there aren’t company and its directors.
advent of PDAs and mobiles has made my life so a multitude of transactions. Nevertheless, it There’s no doubt about it, your life will become
much easier. requires accuracy even though maths is not a more complex. But don’t let that put you off. Find a
Disciplinary procedures don’t apply to me. I’ve strong point of mine. good accountant and whilst your obligations won’t
never had to dismiss myself for coming back from Working from home I need, because of what I disappear, they’ll become much simpler. Further,
lunch drunk, for swearing at the boss or for taking do, peace and quiet. Although my clients know that a decent accountant will have a good working
too much holiday. I work from home, I still feel the need to operate relationship with HMRC and so will know the
There is also another benefit of being self professionally. That for me means preventing my boundaries. They will also invariably save you more
employed which can make you a little extra money youngest from screaming from the toilet, as she than they’ll cost because they’ll point you in the
with no real effort. Employees have tax and National has done in the past, ‘Daddy, wipe my bottom’. direction of reliefs and allowances that employees
Insurance taken from their pay automatically at Likewise I have to control my eldest’s need to play cannot avail themselves of but which you can. One
source. Not so for the self employed. Taxes, Girls Aloud up high before 5.30pm. In reality this tip though – NEVER be late with a submission,
National Insurance and VAT are paid in arrears. means compromise. The result is that I do my return or payment to HMRC. You not only risk
Whenever invoices are settled I automatically take banking after school ends, arrange appointments penalties which become automatic from April
all of the VAT and a fixed proportion of the net and for days when the children are at home or just 2009, but you also risk an investigation.
put it into higher interest savings accounts so that simply surrender and take the afternoon off. Next check out the banks for the best deal you
money can work for me. It also means that I have My wife also reckons that I’ve a ‘sense of humour’ can find. You don’t have to put up with paying bank
on one side all of the money I need to pay HM failure brought on by lack of corporate social charges. There are various banks at the time of
Revenue & Customs the taxes as they fall due. contact. She’s probably right. writing such as HSBC, Alliance and Leicester and
Of course, self employment can be applied to RBS who offer free banking. Your choices will be
Negative? Not Likely a multitude of occupations, each with their own restricted if you are borrowing however.
As for the slightly negative elements, working from positives and negatives. One big mistake those starting in business make
home needs discipline. In 18 years I’ve (had to) is to trade without any terms and conditions or
become very regimented and habitual. Why? Because Change Your Destiny contracts. Without decently written T&Cs your
without habit I have no daily structure. Instead of So if you are seriously thinking of going self employed, contracts could be at best working against you,
sitting down to work it would be just too easy to sit you will need to think and plan carefully. and at worst, unenforceable. Find a good lawyer
down and watch something interesting on TV. The Firstly, you need the business idea. Don’t just jump for this – the Law Society can help.
habits I’ve picked up often irritate the family because at the first thing that comes your way as this could Finally, you will need support, especially in the
my need to stick to a structure can get in the way of prove very costly. Think carefully and use early days. Being self employed can be lonely so try
whatever chaos they’re in the middle of. commonsense, especially if it involves sticking your to make a point of meeting others in the same
But at the same time as having structure I also have hand in your pocket. situation, whether for lunch or an after work drink.
flexibility: Friends are often amused to know that I may Secondly, you must have in mind the legal and You will have bad days and you will want to let off
still be unshowered at 10.30am – but they’re missing regulatory elements of trading. You will need to tell steam somehow.
out on the fact that I probably started at 7.30am and HMRC that you are going self employed so that Self employment isn’t for everyone, but if you can
may not finish until 6.30pm. They’re equally amused to they can deal with your tax and National Insurance make it work you’ll wonder why you didn’t before.
know that I am known to have a stiff drink in my hand position properly. You may also need to register for Don’t give in at the first hurdle, being self employed
by 4pm when it’s been a hard day. VAT – get that wrong and the VAT man will can be great fun and incredibly satisfying.
the Rat Race
More Info: HMRC:
www.hmrc.gov.uk; Companies House –
www.companieshouse.gov.uk; Professional accountant bodies:
www.icaew.co.uk;
www.accaglobal.com;
www.icas.org.uk; www.icai.ie; Lawyers:
www.lawsociety.org.uk/choosingandusing/findasolicitor.law
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