New Job

[shirlster]

great news marky

[marky]

great news marky

Thankyou very much Young Lady

[stevo]

top man

Well done that man, just go's to show you can't keep a good man down.
Cheers, Steve

[Woodzie]

Great news.........

[Apache]

A big cheeeeeeer!!!

Feels good doesn't it?

[dirtydog]

oo oo oo, your not visiting me at work tomorrow are you Marky - bit of a commute!

[Diezel Weazel]

Congratulations & glad ya got what ya wanted

There's always a Payback .... Ya just dont see it Comin !!!!

[marky]

I'm now thinking have i done the right thing. Its Contracting but theres a few Downsides. 1) £35 per day. 2) Min of £8 per job 3) No car allowance. 4) No fuel allowance.
They've told me i can claim 40p a mile back off the TAXMAN.
Use an Umberella Company for Payroll services.

I'm fed up Depreseed & very Bored so i felt it was better than nothing.
I earnt 28K last year & i dont think i'll see that for a long time.
And ive been up all Night with WORRY!!!

SUM = £35 PER DAY x 5 = £175 x 48 = £8400 per Year .

Min £8 per call = £64 @ 8 calls per day.

£35 + £64 = £99 per day x 5 = £ 495. £495 x 48 = £23,760

48 Weeks out of 52 = 4 Weeks Hols = £23,760 - Tax & NI

[mud skipper]

congrats on getting the job but that takes the shine off it a bit, good luck m8

[marky]

congrats on getting the job but that takes the shine off it a bit, good luck m8

I dont get the bit were they said claim 40p a mile back off the TAX.

[mud skipper]

I dont get the bit were they said claim 40p a mile back off the TAX.

have got to be VAT registered or something
40p a mile thats quite a bit is it not.

[Vagrant No2]

I dont get the bit were they said claim 40p a mile back off the TAX.

Some of the guys at the last job did this instead of a company car they would use their own car and claim the 40p back off the tax man . It is instead of a P11 form which is a company car tax . You need to contact your tax office and they will send you the correct form .

[gwh200]

tax and ni

I dont get the bit were they said claim 40p a mile back off the TAX.

hey marky, there are some advantages to being paid as a contractor.

you do need to contact the ni contributions office(gateshead i seem to remember) to set up a direct debit to pay your ni contributions, which will be voluntary class five contributions(about 3 quid a week)
you need to set aside 20% of your income as tax, but you can claim a tax refund on most goods and services required for you to carry out your business. as for setting up an um brella company the advantage to this is that you used to be able pay yourself say 100 quid a week and pay tax and ni on this , then pay yourself a company dividend of say 300 quid which was tax and ni free!. this has now been stopped.you can claim 40 p a mile(i do) but i get it direct every week. you may be able to claim it direct from the tax money you have put by. you dont need to be vat registered until your turnover exceeds about £56000. im vat registered, so i can claim a vat refund on fuel used as well.

the best thing to do though is find your self an accountant(say £500 quid a year), which is a big outlay BUT they will save you that and more whist you are trading,and give you proper advice to lighten your tax burden. one of our lads earnt about £32000 last year and his accountant worked his magic,he ended up with about 28000 of his income,so on say 25 grand a year , you could feasibly end up with circa $20 000

best thing though is deffo get a good accountant

hope this helps

[marky]

So its better to go Self Employed then?

[gwh200]

So its better to go Self Employed then?

its swings and round abouts!

when you are employed your tax ni and possibly pension are all taken care off.you turn up for work you do your bit you go home.when its time for a holiday you can go safe in the knowlege that your salary is paid,your employment rights are strong and sound, in short its a pretty good comfort zone to be in.

if you are self employed your tax and ni are your responsibility, when you dont work you dont get paid,your salary is usually paid net so you have to make your own deductions,and set aside.you have to keep receipts for EVERYTHING . your employment rights as a contractor are usuallypretty non existent,ie they could probably say to you on a friday afternoon, dont come back monday, with no recourse for you.

it is a bit of a risk being self employed because the onus on getting work is usually down to you, SAYING THAT THOUGH,its not unusual for large companies to employ this way,and contractor or not when you prove your worth, they tend to keep you going as a good hand is $$$$$$ hard to find these days.

there are pros and cons for employed/self employed,im self employed but if someone gave me an offer of normal employment at a good enough rate i would have to very seriously consider !

like before, talk it over with an accountant/small business advisor, there are many out there who will offer you free advice hoping to get your business

good luck