Hi, am being made redundant end of this month. A previous employer has asked if I would like to go back to them to help them out for a while on a contractor basis.

Firstly, haven't got a clue how to go about this? Do I go self-employed (how?) Secondly, what are the going rates (I am CMIOSH).

Others on this forum must have gone through this, so would appreciate any help you can give me!

Thanks
Dee

Find an accountant and take guidance from him/her. Then find another accountant and do the same. Do this three times and decide who to use, that should get you started and give you ideas on how much income tax you will pay, what charges you will have on your car, office/home, etc. Also how much the accountant will charge to do your books.

You will have many days at first when you do not work but don't lose heart, keep on keeping on and the work will come.

The previous employer you have is excellent to get started, while working for them you can be looking for more work, I find if you are good at what you do word gets around and work will come in that way (word of mouth and recommendations).

Don't try to run too fast early days, and don't be too expensive early days.

Good luck.

I was in a similar position to db and was advised re the accountant. I used an accountant for the first year's trading, saw what/how it was done and my wife has done my books ever since. I think it's useful to see exactly what's required.

Good point about the tax man, there are some very helpful people at HM Revenue, only too willing to help.

Dee,

I was made redundant years ago and got my own business started a year later without the need for an accountant.

All the advice you need is free.

Firstly get advice on starting a business at the Tax Advice website

http://www.hmrc.gov.uk/index.htm

Then get onto BusinessLink which a national FREE service on business start up. There will be free seminars in your area, check out,

http://www.businesslink....layer?topicId=1073858805

Now (February) is a good time to get your business started so that you have everything in place by 5th April, and you start that new tax year solely as a self-employed person. You can start earning and keep good records of expenses, travel etc as you get tax relief on all that (basically you get 20% back as tax relief).

The hard bit is getting business but maybe you've already got something in the pipeline. You can start charging hourly rates like £30 or daily rates £200 but as you are CMIOSH maybe more, and you can negotiate a long term contract.

My first 2 years self-employed 2007-2009 were very good but since the recession started I've relied mainly on a my one (yes just one!) long term contract which employs me 2 or three 3 days a week, I'm fortunate that I can survive 'part-time' :o)

John W

Echo Chris previus statement - get a GOOD accountant - the valuable guidance and information provided to me, especially in the early years has been incalcuable....best advice I was ever given