Self Employed

guydub

Can anyone please give me advice about how to set up as self employed.
I wanna set up on my own were i work for a company and send them invoices and then they pay me . do i need to register a company name and then open a bank account in the company name etc . havent a clue were to start . thanks for the help

kayos

You have a few options

a) Sole Trader these are fast and cheap to set-up. You can trade as your own name “Joe Bloggs” or register a business name “Bloggs Bunny Boilers”. With a sole trader you can still register for VAT and all that but you don’t have so many rules about tax returns/audited accounts etc. But as you are a sole trader if you end up owing money via your work your personal assets are in the firing line. What this means is even though its Bloggs Bunny Boilers that owes a supplier 10K the supplier can go after your personal wealth.
b) Private Limited Company not so fast or cheap to set-up and come with bigger running costs. You do get better tax benefits and have your personal assets protected. If Bloggs Bunny Boilers LTD owes 10K to a supplier that supplier can only go after the Companies assets not yours.

There are pros and cons to both and I wont pretend to know them all inside out. The best thing to do is get onto a good accountant and talk it over with them.

One thing I will say is if you intend doing any contracts for the public sector they will require a limited company with audited accounts. Some private companies also like to insist on a limited company.

guydub

Thanks for the advice .

How do i set up as a sole trader

Spectreon666

guydub wrote: »

Thanks for the advice .

How do i set up as a sole trader

I think you need a tax registration form TR1 from the revenue office and something else im not to sure of!