I am just about to go self employed, and i am not sure on whether to get an accountant to sort taxex etc out for me.
Is this best and how much do they cost ?
What benefits are from this ?
and can being self employed effect my ability to get a mortgage , credit etc ?
2007-05-16 19:19:37 · 12 answers · asked by DAFYDD P 1 in Business & Finance ➔ Taxes ➔ United Kingdom
Good for you - go for it and never allow a doubt seep into your mind.
Definitely get an account when you have started to generate an income. Benefits would be that you would be getting up to date financial information. They will help you when the time comes, to secure a business loan, if necessary.
Firstly though, you should contact the local Business Link because they have courses which you can take to cover all aspects of running your own business and knowledge is power, especially in business.
Keep the vision of what you want to achieve in front of you and think about it as you awake, midday and at night. Never lose sight of what you want to achieve in your new life.
2007-05-16 19:34:00 · answer #1 · answered by AnneMarie C 1 · 1⤊ 0⤋
It can be fun but it's alot of responsibility depending on what business you go in to. That often determines the cost.
If you're doing ebay there are places you can drop ship from that save you money.
I've heard some people hated it after they got into it because they spent more time & made less money than when they were working for others. Plus there were so many expenses.
Most business seminars tell you that you should have a year's income above expectant expenses. It takes that long to establish a sure steady income. Plus you have to pay for your own medical expenses, liability.
Unless you're sure it's going to be a money maker right off the bat (not likely) don't quit your day job until you have a steady cash flow. If you have to quit it to do the business you're wanting to you should contact the Small Business Administration. They have mentors & all kinds of programs to help you.
I'd really just need to know what you're going into to advise you better.
2007-05-16 19:41:44 · answer #2 · answered by syllylou77 5 · 0⤊ 0⤋
not too sure about affecting of credit but as for getting an accountant, it depends in which country are you operating your biz. also, how big a scale is your biz, if its a startup wif tight resources, u can consider paying the auditors or part time accountant to book keep for you. i had once being in this situation & its a sole propritership & i did my own accounts as the requirement under this classification is not stringent. you may just need a p&l & a bal. sht thats all. be conscious of what you need & dun overkill. you might need a book keeper & not a financial controller. try to start it by incurring as little a cost as possible until u r confident in your ability to afford further resources. cheers
2007-05-16 20:57:01 · answer #3 · answered by sim c 1 · 0⤊ 0⤋
I think being self employed it a great accomplishment. So go for it but please have a plan B and C. An accountant is great to have, it takes money worries away but make sure your accountant is someone you trust. Always keep an eye out. Think of self employment this way, theres no boss better than yourself.
2007-05-16 19:23:17 · answer #4 · answered by mistista07 6 · 0⤊ 0⤋
I was self employed for about 40 years and came the day when I refused to pay any more tax as I was paying more in tax than I was drawing for wages. the taxman checked and found they had been overcharging me for years. they paid me £17,000.00 as overpaid and interest, but still fined me for not paying the demand I had jibbed at, I know accountants charge the earth, but get a good one not a cheap backstreet erk. I set on a very expensive one, but paid very little in tax due to him knowing his job. when I retired he smoothed over the situation with no problems. I didn't like his bills, but they were cheaper than the tax man had been charging.
the worst and most demanding boss you can ever have... is yourself. you are never satisfied nor happy about not working less than 18 hours per day... GOOD LUCK TO YOU.
2007-05-20 11:46:48 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Its always nice to be self-exployed. You're need to be disciplined. Do what you're good at and charge what the market is charging. With any income, it'll definitely gives you the ability to get mortgage, loan and even credit cards.
2007-05-16 19:24:13 · answer #6 · answered by SGElite 7 · 0⤊ 0⤋
yes becoming 'self employed' can be a good thing as you can claim back for almost anything, as long as you keep all your receipts. a word of warning - get a good accountant, and make sure you pay your contributions i.e. TAX or you're get a huge bill from the tax office. goodluck!!!
2007-05-17 07:45:03 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Definitely get an accountant, they are a great investment! The money they charge, is definitely made back by producing proper accounts and reducing the risk of upsetting the tax man!
2007-05-16 21:45:41 · answer #8 · answered by K 2 · 0⤊ 0⤋
go for it if you got ambition to get on and it wouldn't stop you getting a mortgage if you can supply good figures after 2/3 years and yes get an accountant
2007-05-16 19:39:47 · answer #9 · answered by srracvuee 7 · 0⤊ 0⤋
you would have to show your income after at least 1 year in order to get a mortgage
good luck any way
2007-05-16 19:23:00 · answer #10 · answered by Anonymous · 0⤊ 0⤋