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Discuss Becoming fully compliant/joining schemes in the Electrical Courses & Electrical NVQ's area at ElectrciansForums.co.uk.

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  1. gazdkw82
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    gazdkw82 Trainee Trainee Access

    Location:
    leicester
    I'm coming towards a crossroads. I have 1 last hurdle to get over in the new year and that's AM2. After that I will have my full level 3 NVQ, 2391 test and inspect, pasma and IPAF.

    Once I overcome this last hurdle I'm unsure on what I should do. Currrently I am stable in a maintenance role within a university. It's an incertain time at the workplace and I'm not sure I would want to carry on with how it's going. I have been verbally offered 2 roles. The 1st is another maintenance role however it's slightly higher paid, closer to home and more opportunities. The second is basically subbing to a friend company. The latter with provide me with the most experience and the most income but will keep away from home and that's important.

    The next thing I'm not sure how to address is foriegn work. I'm being asked more and more and do take on jobs I can do around work and family life. However I'm limited to minor works so considering joining a scheme. This should make it easier to take on slightly more lucrative jobs at weekends/evenings if I choose to do so. But this brings another obstacle, tax. When I was a out gigging in tbe bands at weekends I contacted inland revenue who told me not to worry because it was only around 5k a year. I sure as hell don't think they would be so understanding if I was doing electrical work at weekends. So, if I choose to take on the maintenance role and do work St weekends, hows best approach the tax situation?

    Perhaps this may lead to me making the jump into self employment.
     
  2. Taylortwocities
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    Taylortwocities Electrician's Arms

    Location:
    Oxfordshire
    You can earn £11,850 in the 18/19 tax year, without paying any income tax. Employed, or self employed.
    It doesn't matter where the income comes from: maintenance role and/or weekend work in any combination.
     
  3. Midwest
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    Midwest Electrician's Arms

    Location:
    Oxfordshire
    Will you be earning that much with the private jobs? Will you tell your employer?

    Found a cheap(ish) accountant and let them do the worrying. You'll need to register your self employment with the tax man.
     
    • Like Like x 1
  4. gazdkw82
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    gazdkw82 Trainee Trainee Access

    Location:
    leicester
    So if you are employed but do side jobs you still need to register as self employed?
     
  5. Taylortwocities
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    Taylortwocities Electrician's Arms

    Location:
    Oxfordshire
  6. Midwest
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    Midwest Electrician's Arms

    Location:
    Oxfordshire
    Yep cos the tax man wants his cut. You’ll also need public liability insurance, register with a scheme (dependant on scope of your work) & test equipment. Probably more I’ve missed.
     
  7. Wilko
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    Wilko Electrician's Arms

    Location:
    Berkshire
    Business Name:
    Wilko Electrics
    Hi - another one may be the change of use of your car with your insurance co. from social and commuting to include business use.
     
    • Agree Agree x 1
  8. gazdkw82
    Offline

    gazdkw82 Trainee Trainee Access

    Location:
    leicester
    So I'll need the following....

    + Register with HMRC
    + Join a scheme
    + Public liability insurance
    + Adjust car insurance
    + Calibrated test equipment
     
  9. Midwest
    Offline

    Midwest Electrician's Arms

    Location:
    Oxfordshire
    Seems like the list. Business bank account, to simplify accounting. Talking of which, you may wish to consider having an accountant. More expense, some do their own tax affairs, but they can save you money, as long as its a cheapish one ( :) )
     
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