in search of advice

bumblebee

need of helpful thoughts please...

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Hi everyone,

I have now achieved my MIP licence (which is a great achievement for me) but... I have never been self employed before, always in full time job and now all these questions keep popping inside my brain what to do next?
Shall I ask for some helpful thoughts or advice on what steps i have to take next to get on the track please (dont have any clients to start with). Also do i have to tell my employer about my situation?

Thank you

Anne Boleyn

Self employment

Hi

Congratulations on your achievement.

Setting up as self employed is a matter of filling in a few forms.

CWF1 - registering as self employed
CA5601 - paying class 2 NI by direct debit
CF10 - Small earnings exemption if earnings less than £5075

You will also be paying class 1 NI by way of your employment and there is a maximum limit to the amount of NI payable in a year.

If you intend to act as agent for your clients it might pay to set yourself up with HMRC as an agent now (it can take a while sometimes) in all areas you are likely to need.

Is your employment in the same area ie accountancy. Does your employer have any idea that you are going self employed as well. Is there anything in your contract that might cause problems?

You will learn as you go that doing the work is one thing but running a business is a completely different thing entirely. Nobody gets it right first time, it is a steep learning curve. Be prepared to put in a lot of time and effort in trying to get yourself noticed and gaining clients, building up a reputation and burning the candle at both ends.

That said it is the best thing I have done. Good luck.

bumblebee

Thank you

Thank you for your advice and much appreciated for your response in depth. Thought i might have asked a silly question.