Employed people dream about being self-employed.
Self-employed people dream about being employed.
Being your own boss has got many advantages, you don't get taxed at source and if you re-invest, you hardly pay taxes.
Get your business Incorporated as a Limited Company, that way if it fails, you still have a roof over your head, use the house equity (if you own one) to finance the business.
A solid business plan is essential. Good book keeping is vital to keep tab on your debitors/creditors. (ie pay your suppliers as late as possible and get paid as quickly as you can) make suer that if you go over the minimum vat threshold over a 3 month period you must register for vat or you maybe in trouble.
Alas a good accountant is also a unwanted but vital expense.
Liability cover is also recommended but not essential (if you are a solicitor you don't need to
) oh and put all expenses through the business to only draw a below taxable levels salary, which in turn give your the added benefit of tax credit!
thanks Tony and Gordon!
You will have no social life for as long as you work to make ends meet.
But, yes, it is nice sometimes to just say, I am off and ride in the sunset on a weekday when no-ones around to bother you...
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