The small business thread - do you work for yourself?

Bluecube said:
People management is the hardest part not just with scheduling, etc. Dealing with HMRC for PAYE, pensions and similar is just plain awkward and frustrating where you end up going round in circles with little idea of what you’re doing is correct.
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Pay for a professional service. They used to save me the same that they cost, so it was essentially a free service.
 
I want to get myself set up in private practice as a counsellor but i also work full time and co-parent so my time when I would actually be able to see clients is limited and there's so much business stuff involved in setting it up I've not managed to get very far as yet. But one day I'll get there.
 
I'm an accountant, went self employed and WFH for the last 20+ yrs and do the books for Sole Traders/SME's, dealing with HMRC for PAYE, Pensions, VAT, SA etc ;)

Also had a motorsport hospitality business that I ran with my business partner, but Covid fatally wounded that and even though it survived, it never recovered and we closed it down last year when my b.partner decided to go into semi retirement.

I also manage the farm & livery of my partners and help with her children's nursery.

Couldn't imagine having to get a "job" again and have to go into an office at set times, gave up that treadmill to go self employed as I much prefer life in the work/life balance equation.
 
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Been self employed for 10 years + now. Recently setup and own my own FCA regulated IFA business with another collegue. We've worked together, all be it self employed, for over 15 years. Just the two of us. We each work from home, catch up on zoom a couple of times a week to sort out any business stuff etc.

Lots of regulation as you can expect, lots of admin/paperwork/reporting etc.

However outside of that, business is going well, referals to new clients come from existing clients, we don't advertise at all. We both tick over nicely, great work life balance for us both, we aren't trying to be the next big thing.

A large number of my clients have been with me for 15-20 years now and are almost like family/friends.

Best advice - Treat the clients well, look after them, and they will repay you with loyalty and referrals.

I'm utterly un-employable - couldn't possibly go back to "work for the man" / having targets/managers etc etc. The thought of being in a office 9-5 etc - shudders....

Learned very early in life not to sweat the small stuff....Find that work life balance and everything looks brighter in life.
 
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I work for the local authority, but am thinking of reducing my hours there and going 50:50 self employed.

It's the paperwork for HMRC that puts me off.

For example, how do I claim travel costs so I'm not taxed twice...?

I'll try to explain,

If I offer to visit clients and charge a flat fee for my work I also want to charge them travel costs. The further I need to travel the more the total bill is. (Fee + travel).

Now, I have my own car. I do not expect, or want, a business-only vehicle. My car will be used for work and also for personal use. I suspect around a 50:50 split to begin with.

When I buy petrol I am taxed on that (fair enough), but if I then charge a client a fee and travel expenses, I get taxed again on both. In effect, I'm therefore taxed on the petrol twice. Once when I initially buy it, and once when I'm taxed on my earnings by HMRC.

Not sure if that makes sense, but I know what I mean.

Any ideas?
 
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So I started my own business a couple years ago, after being fed up of no promotions, no improvements in money and having the heaviest work diary in the company.

This is in regards to ISO audits and business consultancy. Best thing I have done.

The challenges is keeping the diary full, which I had no problem with initially as I could contract for my previous company whilst building my personal clients.

I have some free space this year now, for the first time since 2016 and although I am panicking a little, I know I got funds to cover me and can search for work elsewhere (couldn't do that before nor had savings to back me).

I'd advise anyone to do the same, you have no idea of the opportunities out there until you can look for them and take them.
 
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Hussman said:
When I buy petrol I am taxed on that (fair enough), but if I then charge a client a fee and travel expenses, I get taxed again on both. In effect, I'm therefore taxed on the petrol twice. Once when I initially buy it, and once when I'm taxed on my earnings by HMRC.
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When you fill in your tax return, the petrol will be an expense offset against your profits. Get an accountant involved otherwise you spend more time worrying about these things than your business
 
Freakbro said:
Couldn't imagine having to get a "job" again and have to go into an office at set times, gave up that treadmill to go self employed as I much prefer life in the work/life balance equation.
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I know exactly what you mean, self employed for 27 years but have just agreed a sale to allow me to retire. Just as well, probably unemployable now :cry:
 
Hussman said:
When I buy petrol I am taxed on that (fair enough), but if I then charge a client a fee and travel expenses, I get taxed again on both. In effect, I'm therefore taxed on the petrol twice. Once when I initially buy it, and once when I'm taxed on my earnings by HMRC.
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I think you’ve way overcomplicated things, just claim the mileage back at the end of the year.

Either way, I’d speak to an accountant, it costs next to nothing in the grand scheme and saves a fortune in the long run.
 
Probably going to be setting up my Ltd soon.

Would prefer to just use some software and manage my own accounts. Heard good things about Xero? Any other recommendations?
 
mid_gen said:
Probably going to be setting up my Ltd soon.

Would prefer to just use some software and manage my own accounts. Heard good things about Xero? Any other recommendations?
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Over the years, I’ve used Quickbooks, Freeagent and Xero.. Xero wins for simplicity, Freeagent second, Quickbooks a hard last, wouldn’t touch it again.
 
mid_gen said:
Probably going to be setting up my Ltd soon.

Would prefer to just use some software and manage my own accounts. Heard good things about Xero? Any other recommendations?
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I use Xero as well but then get accountant to do everything else. 3 Ltd companies and 2 personal tax returns between 2 of us it's just easier for accountant to deal with it all.

Also it's a business expense so effectively pays for itself.
 
HoneyBadger said:
A month ago, I decided to start my own IT consultancy, specialising in cyber security.
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How is that going?

I want go self employed doing my own IT consultancy at some point.

Will be 20 years Ive been working in IT and I want to avoid being another "IT Generalist" as we have plenty of those already in the industry.

Spent years working on Microsoft Cloud Services. But I keep on being dragged back in to doing IT Support every bloody time becasuse I know abit of everything.:mad:
 
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Worthy said:
Good on you! How’s it going? I’m wanting to do something similar but in my area of expertise.
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malachi said:
How is that going?

I want go self employed doing my own IT consultancy at some point.

Will be 20 years Ive been working in IT and I want to avoid being another "IT Generalist" as we have plenty of those already in the industry.

Spent years working on Microsoft Cloud Services. But I keep on being dragged back in to doing IT Support every bloody time becasuse I know abit of everything.:mad:
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Thanks. I’ve worked in IT for 25 years, mostly in London. Most recently being in Head of IT/Director roles and whilst pay has been good, I’ve always wanted my own business. I grew tired of having to explain to CEO/Boards and last year we moved to York for a slower pace of life, having seen a house on the BBC Program Escape to the country. I did just over a year as a Head of IT in a big company in Hull and whilst I made many friends, I was amazed at how badly their IT systems/infastructure/budget/teams/governance and policy were, as in a real eye opener in comparison to London. I spent virtually the entire year, doing 12+ hours a day sorting it all out, and I did at a massive pay drop. After a year, and backed with some serious savings, I resigned in December of last year.

As my dad used to say, don’t burn any bridges and I haven’t. Any previous companies I’ve worked for are now clients of mine, which has really helped and I now help them pass (Legitmatally) cyber security essentials (And plus) - I pen test (Its a broad term, so encompasses a lot) and assist in ISO renewals, I have had to spend circa £8k in getting ISO 9001 and 27001 which was needed to become an IASME examiner, as well as passing their test which I have literally just finished. I also provide disaster recovery, business continuity, risk assessment and management too.

Using my knowledge and contacts though, £5k of the £8k I can claim back from my local authority as a grant.

I’ve not yet began to canvass local business yet, and I plan to run a workshop in our village hall every month to make older people aware of cyber security, threats, scams etc. (All free of charge) and I’m studying for my CISP.

After 25 years, originally being a coder, then Sys admin, senior Sys admin, DBA, manager, head of roles I decided I wanted to start specialising, stop the jack of all trades, master of none.

Would I have done it if I hadn’t paid of the mortgage and had significant savings? Possibly not but it would have been a huge regret. Only 5 weeks in but I wouldn’t look back. I reap my own rewards, I get out what I put in. LinkedIn has gone crazy (In a good way) and would you believe I’ve already received an offer for the business? (Which I declined)

I now have my own accountant, I’ve made my wife a director as she’s retired before that, and we’re trying to make a success of it. Only yesterday I’ve just signed up to the crown service IT SME project. 19 Billion pounds worth of government projects, all geared for new/small business and hundreds of different areas, so that could be very lucrative.

There’s always been a need for cyber security experts, and I’ve always been interested in it, hacking lots of things at the age of 19-21 (Now 45), including IRC MSN, BT, IRQ back in the day so it made sense. I think in the current global climate, the need is going to expand more and more for people like me, and for my clients to prove to their boards/CEO’s that they’re taking security seriously.

I’m now security cleared, I’ve already been invited to next months cyber security show at the NEC and am in talks as being a panel speaker and having my own booth at London Olympia in Sep.

It’s very satisfying, no more Sunday blues, and take today for example. I had a couple of teams calls, came down stairs and said to MrsHB, come on, we’re going out. I took us to Costco, where we both signed up as a business owner and we went around a bought a tonne of stuff we didn’t need or want! But the power to just do that, at will, is a real boon.

Sorry for the long post, got carried away. Too much sugar from the pastries we got!
 
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HoneyBadger said:
Thanks. I’ve worked in IT for 25 years, mostly in London. Most recently being in Head of IT/Director roles and whilst pay has been good, I’ve always wanted my own business. I grew tired of having to explain to CEO/Boards and last year we moved to York for a slower pace of life, having seen a house on the BBC Program Escape to the country. I did just over a year as a Head of IT in a big company in Hull and whilst I made many friends, I was amazed at how badly their IT systems/infastructure/budget/teams/governance and policy were, as in a real eye opener in comparison to London. I spent virtually the entire year, doing 12+ hours a day sorting it all out, and I did at a massive pay drop. After a year, and backed with some serious savings, I resigned in December of last year.

As my dad used to say, don’t burn any bridges and I haven’t. Any previous companies I’ve worked for are now clients of mine, which has really helped and I now help them pass (Legitmatally) cyber security essentials (And plus) - I pen test (Its a broad term, so encompasses a lot) and assist in ISO renewals, I have had to spend circa £8k in getting ISO 9001 and 27001 which was needed to become an IASME examiner, as well as passing their test which I have literally just finished. I also provide disaster recovery, business continuity, risk assessment and management too.

Using my knowledge and contacts though, £5k of the £8k I can claim back from my local authority as a grant.

I’ve not yet began to canvass local business yet, and I plan to run a workshop in our village hall every month to make older people aware of cyber security, threats, scams etc. (All free of charge) and I’m studying for my CISP.

After 25 years, originally being a coder, then Sys admin, senior Sys admin, DBA, manager, head of roles I decided I wanted to start specialising, stop the jack of all trades, master of none.

Would I have done it if I hadn’t paid of the mortgage and had significant savings? Possibly not but it would have been a huge regret. Only 5 weeks in but I wouldn’t look back. I reap my own rewards, I get out what I put in. LinkedIn has gone crazy (In a good way) and would you believe I’ve already received an offer for the business? (Which I declined)

I now have my own accountant, I’ve made my wife a director as she’s retired before that, and we’re trying to make a success of it. Only yesterday I’ve just signed up to the crown service IT SME project. 19 Billion pounds worth of government projects, all geared for new/small business and hundreds of different areas, so that could be very lucrative.

There’s always been a need for cyber security experts, and I’ve always been interested in it, hacking lots of things at the age of 19-21 (Now 45), including IRC MSN, BT, IRQ back in the day so it made sense. I think in the current global climate, the need is going to expand more and more for people like me, and for my clients to prove to their boards/CEO’s that they’re taking security seriously.

I’m now security cleared, I’ve already been invited to next months cyber security show at the NEC and am in talks as being a panel speaker and having my own booth at London Olympia in Sep.

It’s very satisfying, no more Sunday blues, and take today for example. I had a couple of teams calls, came down stairs and said to MrsHB, come on, we’re going out. I took us to Costco, where we both signed up as a business owner and we went around a bought a tonne of stuff we didn’t need or want! But the power to just do that, at will, is a real boon.

Sorry for the long post, got carried away. Too much sugar from the pastries we got!
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Thanks for the info, that was very helpful and insteresting

Just like you, me getting away from being the "jack of all trades" and start specialising will be a good start.
 
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