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#1 25-05-04 22:21:57

Josie
Guest

Monthly expenses??

Hiya

Can any qualified ADI's give me an Idea on monthly expenditure please.  I am just trying to weigh up what outgoings you have to account for once passed.  (what sort of an Income are you left with?  So far I have, Car Loan (or rental etc),   Insurance, Petrol, Marketing, Franchise Fees (unless go it alone!), Phone bill, Tax &   Nat Ins.........Dinner..lol... .what else might there be?  (I know you have maintenence on the car & tax, Mot etc).  Does the tax man come quarterly or yearly and is this about 17-20%?

oooo soo many questions  lol

25-05-04 22:21:57

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Re: Monthly expenses??



#2 25-05-04 22:46:06

AliceM
Guest

Re: Monthly expenses??

I don't know if it's any help but here is the list of headings from my accounts:
Turnover
Direct Costs: Fuel
Gross Profit

Indirect Costs:
Motor Expenses (eg car wash, services, road tax etc)
Insurance
Stationery
Advertising
Subscriptions (eg professional membership)
Telephone
Mobile
Loan Interest
Utilities*15% (be careful you don't claim a whole room of the house as an office as you may be liable for capital gains when you sell your house)
Licenses (eg to DSA)
Accountancy & Legal
Other

Total

Net Profit

Capital Allowances (check carefully as some things must be depreciated over 4 years while others can be claimed in year 1) eg car (unless leased), computer equipment, office furniture etc

Total Taxable Income

Unless you become a limited company (I am still trying to work out if it is worth the bother) then you pay tax at the normal rates (ie after you have deducted your personal allowance) in arrears.  The second year you may have to pay the tax man some money in advance (ie as you go along through the year) if you expect to have to pay more than £500 I think.  Make sure you get some good accounting advice.
Class 2 self employed NI contributions are about £2 per week, but you will then in addition have to pay Class 4 contributions at the end of the tax year at abuot 8% of taxable income.
Don't forget you should budget (but how many of us do I wonder) for pension /savings and possibly sickness insurance (no sick benefit if you are unemployed).

Plan carefully - but bear in mind that you are likely to be comparing apples and pears if you are trying to compare a self-employed income with an employed salary.  It's really hard.

Good luck

#3 25-05-04 23:20:23

Josie
Guest

Re: Monthly expenses??

Hi Alice

WOW! I knew I was missing alot.  Its sounds really hard to get your head round.  How do you do it? Did you get an additional training or advice on running your own buisness or is it something you gain through experience with the help of an accoutant. Unless i'm just a bit dense..lol..for most of us wannabee ADI's, unless we have had our own business, how would we know all this?


Many thanks for all you help and advice & your list of headings, it really does help
JO  smile


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#4 26-05-04 21:16:11

Approved Instructor
Verified Member
From: Blackburn, Preston, Lancashire
Registered: 16-03-04
Posts: 884
Website

Re: Monthly expenses??

More things that you may first think, For me it was  something i gained  through experience.

I asked a couple of driving instructor's who they use and then booked to go and see that accountant, And took it from there.

Regards

Offline


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#5 27-05-04 12:07:37

AliceM
Guest

Re: Monthly expenses??

I agree about the need for professional advice.  Particularly with regard to capital depreciaiton (and in particular how to account for your car).  Having said that I know one ADI who gets help directly from the Inland Revenue and says they are really helpful if you ask.

I use FBTC who are part of the Instructor College group on: 01273 547960, www.fbtc.co.uk.  They are very reasonable (E250 per year) and will include doing your own personal tax return, not just your self-employed accounts.  Having said that they do not appear to have any qualified chartered accountants so cannot advise you on becoming a limited company (who must use a chartered accountant to produce their accounts).

To be honest most of us couldn't work out our own depreciation in advance.  You just keep receipts for everything and send it all off at the end of the year.  But that doesn't help you budget for tax and NI in advance.


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#6 02-07-04 19:29:14

carlsurgey
Guest

Re: Monthly expenses??

I'm leaving the RAF soon and have used the "get you back to civvy street" package on offer. Through that I have made contact with the BusinessLink organisation (www.businesslink.gov.uk). They offer many FREE courses on small business startup covering all aspects from business planning to finances etc. Well worth an evening or two or even a couple of days of your time.

As I'm starting up in the Scottish Borders the north of the border arm is Buisness Gateway (www.bgateway.com).

Another good source of free info is your local bank. I don't bank with them but HSBC do a cracking small business startup pack, it even includes a CD ROM with profit/loss registers, tax help etc.

I am more than happy to pass on any of the info that the RAF has paid for me to learn to start up on my own.    :twisted:

Carl

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