FORUMula1.com - F1 Forum

[Jabberwocky]

Anyone tried it? What are the pro's and con's

Sent from Turing Colossus using Tapatalk 2

[What's Burning?]

Here in the US, it's the lack of health insurance that's the biggest obstacle to being self employed. Had I to do it all over again, I'd push to go that route.

[Jabberwocky]

The health service is free in the uk (for the time being)

Sent from Turing Colossus using Tapatalk 2

[myownalias]

Having been self employed in the UK and US; the biggest obstacle is taxes, having to pay at the end of the year and maintaining an accountant to make sure everything balances, but the plus side is that you can write a hell of a lot of expenses off, stuff like fuel, a car, computers, webhosting, electricity and other miscellaneous charges. The big thing to remember is to set aside a certain percentage of money each month to cover your taxes or else you'll end up owing a chunk of money come April (UK), January (US).

[Jabberwocky]

That is the thing that worries me. The tax man.

Sent from Turing Colossus using Tapatalk 2

[racechick]

I ran a small horticultural business at one time, and also let a cottage. My accountant for that was not expensive and saved more than she cost by knowing exactly what could be offset and making sure the business didn't show profit. But they were extras if you like to my main job off teaching, which makes it a bit different. My sister has been self employed pretty much all her working life ( dance teacher, property and running dance holidays) .

[LRW]

I ran a small horticultural business at one time, and also let a cottage. My accountant for that was not expensive and saved more than she cost by knowing exactly what could be offset and making sure the business didn't show profit. But they were extras if you like to my main job off teaching, which makes it a bit different. My sister has been self employed pretty much all her working life ( dance teacher, property and running dance holidays) .

You are as bad as Bernie!!

Dont let sagi58 or 1Lemon hear you admit to tax paying as little tax as possible. They will have your head!!

[racechick]

I ran a small horticultural business at one time, and also let a cottage. My accountant for that was not expensive and saved more than she cost by knowing exactly what could be offset and making sure the business didn't show profit. But they were extras if you like to my main job off teaching, which makes it a bit different. My sister has been self employed pretty much all her working life ( dance teacher, property and running dance holidays) .

You are as bad as Bernie!!

Dont let sagi58 or 1Lemon hear you admit to tax paying as little tax as possible. They will have your head!!

She(my accountant) didn't break any laws, just took full advantage of the ones available. and I've payed tax aplenty during my working life. AND National insurance. Then they change the rules so they can screw you over on your pension.They've diddled me out of about 30 grand. DONT GET ME STARTED ON THAT!

[LRW]

She(my accountant) didn't break any laws, just took full advantage of the ones available. and I've payed tax aplenty during my working life. AND National insurance. Then they change the rules so they can screw you over on your pension.They've diddled me out of about 30 grand. DONT GET ME STARTED ON THAT!

Whoooaa nelly! I didnt say youd broken any laws, and Im all for paying as little tax as possible. Im just re-iterating their view-point, in a tongue-in-cheek way, that avoiding tax (no matter how legal) is morally wrong.

Maybe if you didnt take so many darn holidays, you could afford to pay more tax....

Anyway - as for being self-employed. I work with a lot of guys that are self-employed and they do VERY well out of it. We work in the construction industry, and as such, even if you are self-employed you have to sign up to the CIS scheme. When you invoice someone they pay you the invoice amount - 20%, which they pay to the tax man. Then at the end of the year the taxman takes what he wants out of the pot, and rebates you the rest. So it takes the strain out of having to remember to save for every April. Most the people I know get a large chunk of that 20% rebated every year, because of all the things you can offset.

And in a world where permanent staff have little to no job security, self-employment has more pros than cons.

[1Lemon]

The way I see it, if the gov mess you around with your taxes, your morally entitled to pay less, e.g. I'm still owed some £400 from 2 years ago, so I will find some loopholes until I get my dosh back!

But I'm no tax fiddler like RC, with her second house in france , I'm sure you're probably a member of that music investment scheme Jimmy Carr was party too.

[LewEngBridewell]

I'm self employed. Tax returns are a ball-ache. Inconsistent income, that's another.

However, I hold another job to make up for such inconsistencies.

[zurich_allan]

See my post in the 'career change' thread as I say some things about self employment and my opinions on it there. I think it may well be the long term route I end up going down.

[Jabberwocky]

This could almost be merged with the career change thread for me.

I got told yesterday that my contract would not be renewed so I have a week of pay and then I am on my own.

I like the idea of going self employed so I am my own boss. My old job has said they would have irregular short term contract work for me. So using that is a base

Sent from Turing Colossus using Tapatalk 2

[What's Burning?]

This could almost be merged with the career change thread for me.

I got told yesterday that my contract would not be renewed so I have a week of pay and then I am on my own.

I like the idea of going self employed so I am my own boss. My old job has said they would have irregular short term contract work for me. So using that is a base

Sent from Turing Colossus using Tapatalk 2

Make sure you tell them you'll be available as a contractor in the future. If they've got a competitor in the business go send them a resume.

[racechick]

The way I see it, if the gov mess you around with your taxes, your morally entitled to pay less, e.g. I'm still owed some £400 from 2 years ago, so I will find some loopholes until I get my dosh back!

But I'm no tax fiddler like RC, with her second house in france , I'm sure you're probably a member of that music investment scheme Jimmy Carr was party too.

You have NO IDEA how much the French take in tax just for having the house !!!!! Was in The tax office yesterday with papers galor but no.....it's over 3 grand a year have to start letting the flat!!! Don't know the Jimmy Carr music game?