Self-employed

Sorry Babs, off on tangent about how to avoid the tax man, SIPP is a type of pension plan where you can stick your moolar to avoid the tax man.

With regards to your self employed status, CCS or some other similar company will be a good option to make more money than being paid PAYE by the agency.

But the agency should up your rate as they won't have to make NI contributions on your behalf, ie, you will save them money by swiching to CCS.

They should pass the saving onto you. 12.9% of your hourly rate to be exact.

So if you are on £20 per hour that will be £2.58 PER HOUR they should pass onto you.:lol:

Let them know you are aware of this.

CCS have a bad rep in some areas but they service thousands of temps so inevitably they will make the odd mistake hear and there.

If I can help any further just PM me. Have a good one.I'm off to the bar..
 
dominicfiend said:
Its either your Self Invested Personal Pension

or the Saskatchewan Institute of Public Policy...

I really hope its the former...
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The Saskatchewan Institute of public policy is a must for anyone self employed :lol:
 
MARKB said:
Sorry Babs, off on tangent about how to avoid the tax man, SIPP is a type of pension plan where you can stick your moolar to avoid the tax man.

With regards to your self employed status, CCS or some other similar company will be a good option to make more money than being paid PAYE by the agency.

But the agency should up your rate as they won't have to make NI contributions on your behalf, ie, you will save them money by swiching to CCS.

They should pass the saving onto you. 12.9% of your hourly rate to be exact.

So if you are on £20 per hour that will be £2.58 PER HOUR they should pass onto you.:lol:

Let them know you are aware of this.

CCS have a bad rep in some areas but they service thousands of temps so inevitably they will make the odd mistake hear and there.

If I can help any further just PM me. Have a good one.I'm off to the bar..
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Thankyouuuu, that's a great help esp the upp-ing my day rate bit ;)

I think I'll stick with CCS for now as other people I know with them and it seems like they will do a lot of the hard work for me :lol:

Have a good wkend :D
 
Sounds like you are sharing the financial benefit of your self-emloyment with a company you don´t need Babs. A decent accountant will maximise things for you and, as yet, the taxman seems more worried about fake self-employment among labourers etc than white and blue collar staff.

Just because it interests me (if not anyone else:lol: ) here´s how you are meant to define your employment status:
Employed or self-employed?

Employee
If you can answer 'Yes' to all of the following questions, you are probably an employee.
  • Do you have to do the work yourself?
  • Can someone tell you at any time what to do, where to carry out the work or when and how to do it?
  • Do you work a set amount of hours?
  • Can someone move you from task to task?
  • Are you paid by the hour, week, or month?
  • Can you get overtime pay or bonus payment?
Top​

Self-employed
If you can answer 'Yes' to all of the following questions, it will usually mean you are self-employed.
  • Can you hire someone to do the work for you or engage helpers at your own expense?
  • Do you risk your own money?
  • Do you provide the main items of equipment you need to do your job, not just the small tools many employees provide for themselves?
  • Do you agree to do a job for a fixed price regardless of how long the job may take?
  • Can you decide what work to do, how and when to do the work and where to provide the services?
  • Do you regularly work for a number of different people?
  • Do you have to correct unsatisfactory work in your own time and at your own expense?
From:
http://www.hmrc.gov.uk/pdfs/ir56.htm#2a
 
Buckley said:
Sounds like you are sharing the financial benefit of your self-emloyment with a company you don´t need Babs. A decent accountant will maximise things for you and, as yet, the taxman seems more worried about fake self-employment among labourers etc than white and blue collar staff.

Just because it interests me (if not anyone else:lol: ) here´s how you are meant to define your employment status:
Employed or self-employed?

Employee
If you can answer 'Yes' to all of the following questions, you are probably an employee.
  • Do you have to do the work yourself?
  • Can someone tell you at any time what to do, where to carry out the work or when and how to do it?
  • Do you work a set amount of hours?
  • Can someone move you from task to task?
  • Are you paid by the hour, week, or month?
  • Can you get overtime pay or bonus payment?
Top​

Self-employed
If you can answer 'Yes' to all of the following questions, it will usually mean you are self-employed.
  • Can you hire someone to do the work for you or engage helpers at your own expense?
  • Do you risk your own money?
  • Do you provide the main items of equipment you need to do your job, not just the small tools many employees provide for themselves?
  • Do you agree to do a job for a fixed price regardless of how long the job may take?
  • Can you decide what work to do, how and when to do the work and where to provide the services?
  • Do you regularly work for a number of different people?
  • Do you have to correct unsatisfactory work in your own time and at your own expense?
From:
http://www.hmrc.gov.uk/pdfs/ir56.htm#2a
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Yes I've been checked for all those and apparently I can be classified as self-employed but I'm still none the wiser :?

I think I need an accountant asap :lol: Jon, Becki where are you :lol:
 
Barbie said:
I think you might be right, thanks for the help everyone ;)
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My dads an accountant (Embarrasing cough) but hes not that boring....ok he is but hes a joker in his own dadish way...well as far as accountants go anyway

I'll ask him for some tips!
 
thelak said:
My dads an accountant (Embarrasing cough) but hes not that boring....ok he is but hes a joker in his own dadish way...well as far as accountants go anyway

I'll ask him for some tips!
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Anything you can find out will be much appreciated - me and my friend have both done it the same time and between us it is like the blind leading the blind :oops:
 
Barbie said:
I've just gone self-employed :? Does anyone know anything about what this means :?
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This is fantastic news....you should be taking advantage of the following, all of which will be tax deductable:

Business Trips: plenty of fact finding trips to Ibiza to see if you can find any new clients. I hear there is loads of potential new business in your field of business in Ibiza. :lol: :lol:

Client Entertaining: of course as your advisor and potential client (we need to figure this one out), you will need to entertain me in such places as El Ayoun, KM5 etc etc:lol: :lol:

Company offsites: weekend visits to such places as Homelands, Global Gathering, Barcelona (to see Silv of course!) in order to improve business morale and discuss how to bring the business forward. :lol: :lol:

We should have a few Rose's on Saturday to celebrate!!!


No seriously, Buckley is right. You probably dont need that company but it may be right for you at the moment while you figure out what your doing. I have a good accountant I can put you in touch with if you need it and he is very friendly too.....I think he may even speak Babs style language!!

Lets have a good chat about this at SW4 while we are 8O (emm, maybe not!)
 
spunkymonkey said:
This is fantastic news....you should be taking advantage of the following, all of which will be tax deductable:

Business Trips: plenty of fact finding trips to Ibiza to see if you can find any new clients. I hear there is loads of potential new business in your field of business in Ibiza. :lol: :lol:

Client Entertaining: of course as your advisor and potential client (we need to figure this one out), you will need to entertain me in such places as El Ayoun, KM5 etc etc:lol: :lol:

Company offsites: weekend visits to such places as Homelands, Global Gathering, Barcelona (to see Silv of course!) in order to improve business morale and discuss how to bring the business forward. :lol: :lol:

We should have a few Rose's on Saturday to celebrate!!!


No seriously, Buckley is right. You probably dont need that company but it may be right for you at the moment while you figure out what your doing. I have a good accountant I can put you in touch with if you need it and he is very friendly too.....I think he may even speak Babs style language!!

Lets have a good chat about this at SW4 while we are 8O (emm, maybe not!)
Click to expand...

:lol: Can you imagine me and you having a chat about tax @ SW4 :oops: :lol: Maybe post-work spritzers might be more suitable ;)
 
I'll do your Accounts Babs :D I'm sure we can fiddle it somewhere so we both get a clothes allowance or something ;)
 
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