Self employed newbie -help!

[Inadither]

I’m considering taking VR and becoming self employed. Not sure if it makes any difference but my income will start at £35ph rising to £60 ph when I have more experience. I imagine I’ll be doing 30 hours per week eventually but obviously holidays won’t be paid. There’s an agency link and these are the going rates.

I have never done this before and I know there’s certain things I can offset against tax. Do I go to a financial advisor or an accountant for advice ? I shall need a car to work and as mine is getting elderly and high mileage I’ll be thinking about changing it when it looks like it’s about to die. One of my friends has a car on finance and says she can claim up to 70% of the cost of this as, like me a car is essential for her to work. She also offsets depreciation.

Feeling a bit scared at the thought of doing my own tax returns too. Someone said I can do most of it online without the need for an accountant to do my tax returns.

I’ll also need to work from home a fair bit and need smartish work clothes, a new computer and work mobile phone to make it happen.

Any advice or tips gratefully received!

Hello. Take a look on the .GOV website. There is actually a fair amount of info there as to what you are allowed to claim for in whole and certain things you can only claim a % of - like mobile phones etc. You can claim for using your home as an office and there is info on that on there too.

I currently keep my accounts on an excel spreadsheet but I am thinking of using Quickbooks - I have just posted about it to see if I can find out any more info before I committing to it financially. My dad helps me with my tax return but it would be nice if the software could do it all.

It's very individual. I have freelanced for 9 years now, and I didn't have an accountant to begin with, but it very quickly became clear that I needed one! For me it's worth the money and I don't get any nasty surprises. Plus I can focus on my work, which is what I am good at, not accouting.

Thanks for you advice. I’m excited but scared!