Got the sack...

[marknotgeorge]

dont think that will happen with OP as a sole trader fixing bikes.. i hated VAT when i was registered..

Maybe not, but forewarned is forearmed. The Revenoo don't have much sympathy when people say they didn't know. And it's really not that complicated, especially for a sole trader fixing bikes.

 

[Drago]

The Church boil my pith. The tax system in the UK is so convoluted that even specialist lawyers have to specialise in a certain area because It's just not possible to be intimately acquainted with it all, yet they bloody well expect the public to know it all and won't accept lack of knowledge as an excuse.

Please forgive my mini rant.

 

[marknotgeorge]

You're not self-employed then? All self-employed people have to pay NI.

You can get an exemption for the class 2 NI if your earnings are below £5965. I have one for the sole-trader business I set up for the app I put in the Nokia store, just in case it actually made any money.

 

[marknotgeorge]

Self unemployment then really .

It's something I do for fun, really. The tax relief on the losses offset some of the tax from my real job, so it's not all bad. Is nice getting when the Revenoo okay money into your account...

 

[ColinJ]

You're not self-employed then? All self-employed people have to pay NI.

I am unsuccessfully self-employed and have only once managed to earn enough to have to pay Class 2 contributions, so I pay them on a voluntary basis.

I will be very happy if I have to pay them based on next year's income and delighted if I have to start paying Class 4 on top!

 

[hedder2212]

im paying class 2 at the moment. Not near enough to be doing VAT or any of that yet but if my plans for the next year go well then i will be. I have a accountant and GF is keeping a eye on my books etc etc as ive not a clue what im doing there.

I'm starting to look at workshop units but for now ill carry on doing it from home.

I'm getting the work that the other workshops around town/within a 30 mile radius are refusing to do.

Had two very interesting ones to do today. 125 chinese scooter was the first job. Customer bought it to me saying "theres no front brake, dont know why" checked for fluid, none. Checked the pads, there were none. Whipped the calliper off to find there wasnt even any pistons in the callipers. Whole new calliper and pads and a brake hose for good measure. Customer went off happy as larry.

Second job was a 2010 Suzuki GSX650F which had been sitting for 18 months. We went to pick it up and it was my customers mother who greeted us and ran me through what he wanted doing. i commented that the rear tyre had looked like the bike had been doing burnouts because of how square and worn it was... customers mum said "oh no, richard would never do such a silly thing"
Got the bike back to mine, wheels off so the tyres can go be changed at a friends tyre shop. Pads front and rear changed, new brake fluid. Tank drained, fresh fuel, fresh oil, fresh coolant, new plugs and it fired right up. Dont know why or even how people can put such a beautiful bike through that abuse...

Also booked onto a intense driving course so i can get my driving test out of the way and hopefully get a van so i dont have to rely on friends to collect bikes

 

[MissTillyFlop]

You're not self-employed then? All self-employed people have to pay NI.

Actually,

If you earn below a certain threshold, you can claim exemption for three years at a time.

 

[marknotgeorge]

Actually,

If you earn below a certain threshold, you can claim exemption for three years at a time.

Could this certain threshold be just under 6 grand?

 

[MissTillyFlop]

Could this certain threshold be just under 6 grand?

From HMRC:

Self-employed National Insurance rates

You usually pay 2 types of National Insurance if you’re self-employed:

• Class 2 if your profits are £5,965 or more a year
• Class 4 if your profits are £8,060 or more a year

Bear in mind, that's PROFIT.

 

[hedder2212]

Looks like ill need to be paying class 4 too then.

 

[simon the viking]

You've got to love this thread!!! OP goes from unemployed to succesful businessman in a month and now thinking about a unit to work from..... Keep it up fab job

 

[hedder2212]

You've got to love this thread!!! OP goes from unemployed to succesful businessman in a month and now thinking about a unit to work from..... Keep it up fab job

and if it wasn't for the encouragement from people on here i wouldn't have tried it. So far so good and im really hoping it stays this good over winter which i fear it wont. Main reason for a unit is because its too cold to be working outside most of the time now unfortunately most units are waaaaaay out of my budget so it may not be happening for quite some time

 

[simon the viking]

Yeh but.... get Christmas out the way and it will soon be spring and everyone getting their bikes out the garage for summer and needing your services......

 

[MarkF]

and if it wasn't for the encouragement from people on here i wouldn't have tried it. So far so good and im really hoping it stays this good over winter which i fear it wont. Main reason for a unit is because its too cold to be working outside most of the time now unfortunately most units are waaaaaay out of my budget so it may not be happening for quite some time

I have a roller doored unit in a secured (24/7) yard, £150 a week, that's cheap, it's in the worst part of Bradford. But that's still nearly £8k a year, plus utilities, plus having to get there.....I'd stick at home as long as you can and build up cash reserves, get a bigger garage, maybe rent a neighbours? An option is to call at local units and see if you can rent some of the tenants space, that's normal in our industrial estate.

 

[swee'pea99]

Just playin' around...