Self employed engineering consultants, can you help?

(1) VAT is not required until turnover reaches the VAT threshold.

(2) When someone becomes self-employed, they need to declare it within three months by phoning the National Insurance Contributions helpline. (I think this applies even if they have another job. If the turnover is low, such as a hobby business - like trading on Ebay - they can also declare this to the helpline on a form, and that gives them a renewable exemption on self-employment NI contributions.)

(3) Self-employed people tell HMRC they want a self-assessment tax return (unless they already get one.)

(4) Tax is worked out by doing accounts. Make a balance sheet and profit and loss account. If you deduct any non-allowable expenses from your profit and loss account, add them back in somewhere. Finally, declare taxable profit in the self employment pages of the tax return.

(5) Insurance - engineers usually get Professional Indemnity Insurance. I heard recently of a developer claiming against a part-time uninsured engineering consultant because the building control certificate wasn't awarded. I hope the claim doesn't succeed. It is also a good idea to get Public Liability Insurance. I think the law requires Employers Liability Insurance, but you should check, as you might not need to get that until you employ staff. Business insurance premiums are expenses that engineers deduct from income when calculating taxable profit.

(6) Car insurance. The premium doesn't normally change much to get 'business use by the policyholder' added.

When you employ someone's services ad hoc, you need to figure out whether they are an employee (and you pay PAYE / NI) or a sub-contractor, and if they fall under the Construction Industry Scheme for contractor PAYE. I guess you need professional help with that.

I like the advice sheets and some of the services that the Professional Contractors Group offers. http://www.pcg.org.uk/

Self Employed Engineer

I am doing this. First off make a list of questions for your "tax consultant (accountant)" Including what I recommend. You need to incorporate, I would do an LLC but if you are a PE you may need a PC (profession Corp). You need business cards, a simple web-site, some brochures (all recommended you do not have to do this) this helps people see what you can do and the services you provide. Get a off the shelf accounting system (I use Quickbook) it took be 10 weekends to learn it on my own, I am not an expert at it but can do all my bookkeeping and invoicing in one spot - another option is to hire a PT bookkeeper. Once you are a Corp, you file taxes annually, if you take a salary from your business then you need to pay payroll tax, I use a payroll firm for this and any accountant will do it. For 1 person firm about $30/month, this for me is a great investment, because if your payroll tax is not in on time the fines are more then my pay. You provide a service so you have no sales tax. Some advise for marketing, even the big firms that you feel you can not compete with, they also need your services, they get overloaded and have missed deadlines and need freelance people like you and me, I never view them as competitors but clients, Also have contract agreements, they should be signed before you start any work, I learned this the hard way, contracts love to stiff you and with no written contact it is tough to collect. The too hardest things in this type of work is: 1-getting the work 2-getting paid Everything else can get done. Best of Luck

I have hired numerous consultants over the years and I have many as personal friends. A good consultant is worth their weight in gold. It can be a very good way to earn a living and more interesting than working for one company. You get to see and work on a lot more stuff than the average engineer but you may be missing some points.

FIrst, how much experience do you have in your field? To be a consultant you need a very great deal. Otherwise you are not a consultant but just a contract employee and not worth very much for your time.

Second, consultants don't just work part time for others. When a consultant is hired they are expected to work when and where the customer asks. Along that same line, you can't afford to just turn down work because you are busy with your regular job. Customers understand when a consultant is working for another client but they won't be as forgiving if you turn them down because of your regular job.

Third, you will need to develop a reputation and a client following to be successful as a consultant. Word of mouth is the primary way that consultants become successful. Once you develop a following you need to be prepared to respond when they call. Your time is not your own and your reputation is everything.

From the business standpoint, it is all about keeping good records, receipts and understanding the tax laws where you live or work. In the US there is a place on the IRS form to handle regular income and another place to handle income from a business. It also means you need to file some extra forms and pay some extra taxes because of Social Security etc.

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