Page 1 of thinking of going self employed and need advice please

Dudes i`m currently working as a lorry driver for a range of firms/agencies,after speaking to a few other folk i`ve been told i may be better off going self employed as i get very few PAYE benefits (holiday pay sick etc) but can earn enough whilst working to save for these things

any advice from you chaps/chicks on the subject would be good

thanks in advance 8)

Can`t help you on your question, but are you doing agency as it suits you or because there is no permanent jobs out there.

I would say that makes sense. When you are self employed you can offset work things against tax. The main difference is you pay tax at the end of each financial period, so don`t get caught out with a whopping tax bill at the end of the year, get an idea as you go how much it is likely to be and save for it.


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I have been self employed for just over a year now, in the beginning it was very hard as you seem to be working fairly regulary but there is no money coming in as have to wait for invoices to be paid.

A year on it`s a lot easier, eg, just been paid for work I did in May and June but at least regular money is coming in.

I put 20% of any pay into my savings account ready for the tax bill.

All the best

Gerald.



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I would agree with Robert John Shepherd especially with the tax bill, friend recently got hit with a massive tax and is just managing to get back in the black. GOOD LUCK DUDE 8)

Oh, regarding tax deductible things, I`m pretty sure you can offset anything you spend in relation to your work against tax, but you will need to keep receipts and invoices for them all.

For items that share a dual purpose, like perhaps your mobile phone, you should be able to offset a % of the cost. So if you use it entirely for business, then your business should cover the cost of all rental and call charges, and even the cost of a new phone if you choose to buy one. But if you also used it for personal use, then you need to work out how much, then you can only deduct.

A quick google found this interesting article:
http://www.startups.co.uk/6678842908695985842/tax-allowances.html


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Get an accountant, one that speaks English not Financial.
You should find that they will save you well over their fee.

You know those ads that come up every Jan about filling in your tax return online being an absolute doddle?
Total bollox.

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Thanks guys :D

keep it coming if ya think of owt else :o

oh an doc it`s a no long term/permanent work thing as to my agency/multi company thing, you find that drivers are always in demand for sick cover etc and as long as you can take the risk it seems to be worth it ;)

Just wondered as they are recuting at my place. Class 1. Brand new DAF 85.460 cabs. It is with DHL for Dunelm Mill.

You still in Leicester?

I was SE effectively but as PAYE on the tax based on the minium salary\schedule my accountants prepared for me.  So the company had money to pay me when I wasn`t working on a contract (most of the time in the first few years work was so rollercoaster that the company owed me my wages\expenses & took some years for the company to pay me all back).  Minimal wages & three kids really helped us with the WFTC & we were surviving only on that income at times.

As I "kept" two mobile phones one on a contract, one as PAYG, not that it was an issue as 99.9% of my calls were work related to whoever I was working for or 50mins of free calls home in the evening under the old Orange Everyday 50 plan when I worked away from home.

Stationary, printers over the years two or three laptops & a desktop machine (along with upgrades).

I also claimed for my B&B & evening meals while away, along with travel expenses (mileage @ 40p a mile for the first 10,000 miles PA, which dropped to 25p IIRC).

Accounting fee`s of course are also claimable against tax.  I was also VAT registered, which meant anything I bought had the VAT offset against what I charged VAT. 

There are two schemes: 

Traditional
VAT charged - VAT spent on services = VAT to VAT man

Simplified
VAT charged  pay VAT man 15% & keep the difference.

I was recomended & moved to the latter scheme for the last  6 months of trading, which I probably shouldn`t have done, as for a few years there was no real advantage between the two.

In all it was a good gig for 9.5 years, it only came to an end when I lost my last long term contract & there was little available alternative work, so I packed it all up after four months of absolutly nothing.



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This item was edited on Sunday, 5th September 2010, 18:06