m1stergeorge
Prominent Member
Ive been having thoughts recently and am giving consideration to starting up as a Freelance technician in the AV/VC Industry.
I refuse to go through an agency as they will take a cut that doesnt make it worth my while going Freelance. That said, it probably means that I will need to set myself up as a Sole Trader with HMRC.
I admit, I havent got the foggiest when it comes to setting up a company and going self employed but am soaking up as much as I can of the HMRC website. My question is though, I know what sort of National Insurance I would have to pay, but I struggle to understand how it comes with paying myself and the whole income tax situation. Does my salary count towards what I need to pay HMRC for tax etc? Do I pay the tax to HMRC on the company as well as my salary? Am quite confused with that bit.
I admit, there are varied reasons for doing this but the most probably being for the money side of things. As well as being bored of having seen the same 4 walls for nearly 7 years, I need a change. Being Freelance means I could be sent to any one of a number of sites and means Im not tied to working for one company.
I refuse to go through an agency as they will take a cut that doesnt make it worth my while going Freelance. That said, it probably means that I will need to set myself up as a Sole Trader with HMRC.
I admit, I havent got the foggiest when it comes to setting up a company and going self employed but am soaking up as much as I can of the HMRC website. My question is though, I know what sort of National Insurance I would have to pay, but I struggle to understand how it comes with paying myself and the whole income tax situation. Does my salary count towards what I need to pay HMRC for tax etc? Do I pay the tax to HMRC on the company as well as my salary? Am quite confused with that bit.
I admit, there are varied reasons for doing this but the most probably being for the money side of things. As well as being bored of having seen the same 4 walls for nearly 7 years, I need a change. Being Freelance means I could be sent to any one of a number of sites and means Im not tied to working for one company.