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Working for myself??

  • 02-08-2008 12:37pm
    #1
    Bitsie
    Closed Accounts Posts: 734 ✭✭✭


    Just looking for general advice on being self-employed. I have worked as an architectural technician for 7 years and would now like to go out on my own but have no experience with accounting and tax returns. Would it be advisable to try it out?


Comments

  • #2
    Huggles
    Registered Users, Registered Users 2 Posts: 3,408 ✭✭✭Huggles


    Hi Bitsie, I went out on my own there about two months ago and I haven't looked back. If you think the work is there for the taking then just go for it.

    The first thing I did was get an accountant to show me the pros and cons of both ltd company and sole trader (I went for sole trader).

    They sent off all my tax forms to the revenue and I sent the cro stuff off myself.

    From a VAT point of view it couldnt be more simple, the revenue send me a VAT3 form at the end of each taxable period (about every two months) which I fill in and return with a cheque. Your VAT which you have charged goes in one box and your purchase VAT which you have been charged goes in an other, you subtract that from VAT you have charged and send them a cheque for that amount.

    Income tax is different and will be done my accountant at end of October.

    Its very easy and I strongly advise you to go for it!
    Bitsie wrote: »
    Just looking for general advice on being self-employed. I have worked as an architectural technician for 7 years and would now like to go out on my own but have no experience with accounting and tax returns. Would it be advisable to try it out?


  • #3
    Bitsie
    Closed Accounts Posts: 734 ✭✭✭Bitsie


    thanks for that advice........going to suss out the market for it now first


  • #4
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    Bitsie wrote: »
    thanks for that advice........going to suss out the market for it now first

    Hey bitsie, good stuff to see you are taking the recent job loss and turning it into something that may be the best thing for you. Hope it all goes well.


  • #5
    Bitsie
    Closed Accounts Posts: 734 ✭✭✭Bitsie


    Cheers Chris, yeah its a very scary prospect but fingers crossed it works out!


  • #6
    Bitsie
    Closed Accounts Posts: 734 ✭✭✭Bitsie


    i think i am going to go for this!!


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  • #7
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    Bitsie wrote: »
    i think i am going to go for this!!

    Go for it bitsie... did ya get some professional help to help get you started? let us know how you are getting on with it!


  • #8
    Bitsie
    Closed Accounts Posts: 734 ✭✭✭Bitsie


    well i have flyers and business cards done and my brother (who works for himself) has given me tips. I just need to find a resonably priced accountant to set it up for me!


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