Looking for Advice

[Stretch]

Just to add to Kingfishers post, I started my working life as an electrician so I've always worked in the construction industry and I've taught myself to do all the associated trades along the way.

It was only after nearly 15 years of lifting floorboards and crawling through loftspaces getting fibreglass in every orifice that I decided to start fitting kitchens having gained a few basic skills in plumbing, carpentry and tiling along the way. I tought myself to plaster after I started fitting kitchens.

As Marc says, you've probably got quite a cushy number financially with sick pay and holiday pay. You'll need a decent sized van which will need taxing, insuring, diesel, maintenance (all obvious stuff I know).
Then there's Public Liability insurance which you must have, you need to put money away for your income tax and even worse if you turnover more than £70K annually which is roughly the threshold at the moment you'll become liable for VAT. That's your total turnover including all the materials you buy. I've supplied and fitted kitchens that have cost the customer over £15K but I probably only made about £4K profit on them so thats £11K towards your annual turnover.
When times are tight the taxman can be reasoned with and will give you time to pay - the VATman will not.

[FUZZY BEAR]

hi stretch
The vat man will help if you contact them and explain any problems your having, obviously you will have to pay what you owe, but they are being a bit more helpful at the moment.
I always subtract the Vat every time i collect a payment and slap into a saving account so every quarter i get a little bit back and no big bill to cover. Learnt that the hard way

[FUZZY BEAR]

all of that £15k will count towards your turnover not just the 11k costs

[Stretch]

all of that £15k will count towards your turnover not just the 11k costs

That's what I meant but didn't explain it very well.

[festoolstew]

to be honest mate i would think long and hard first,its not what its cracked up to be and like what the other lads have said its a bit shit at the moment,but like the goverment told us were not in recessiom any more. MY ARSE WERE NOT.

[marc1106]

Just to add to Kingfishers post, I started my working life as an electrician so I've always worked in the construction industry and I've taught myself to do all the associated trades along the way.

It was only after nearly 15 years of lifting floorboards and crawling through loftspaces getting fibreglass in every orifice that I decided to start fitting kitchens having gained a few basic skills in plumbing, carpentry and tiling along the way. I tought myself to plaster after I started fitting kitchens.

As Marc says, you've probably got quite a cushy number financially with sick pay and holiday pay. You'll need a decent sized van which will need taxing, insuring, diesel, maintenance (all obvious stuff I know).
Then there's Public Liability insurance which you must have, you need to put money away for your income tax and even worse if you turnover more than £70K annually which is roughly the threshold at the moment you'll become liable for VAT. That's your total turnover including all the materials you buy. I've supplied and fitted kitchens that have cost the customer over £15K but I probably only made about £4K profit on them so thats £11K towards your annual turnover.
When times are tight the taxman can be reasoned with and will give you time to pay - the VATman will not.

i think youl find the VAT threshold is nearer 56K turnover per annum mate!

[roxy002]

I went on a business course about 6 months ago, and I think it was 60k then

[Stretch]

i think youl find the VAT threshold is nearer 56K turnover per annum mate!

Sorry, think you'll find it's nearer to 70K..............

http://www.qck.com/vat.html



Although it could do with being twice that much

[marc1106]

result they changed it in may09 so thats another 10k i can earn before panicking!