Quantity Surveying side project

[piemuncher260190]

Hi all,

Haven't been back here since being spectacularly shot down following my breakthrough burger van idea, though in hind site it was completely ridiculous! lol

Basically, currently I am working as a Quantity Surveyor whilst studying for my degree (4th year of 5), I have 4 years experience in my job role and have become very accomplished at certain facets of it (estimating being a large one).

I have noticed that many employers are reluctant to hire a full time employee due to the 'strings' that come attached with the hiring process. Also, due to the inconsistent work in construction it is obviously a risk not wanted!

I have been advertising myself on peopleperhour, gumtree, classifieds.net etc and have had a fair amount of interest in doing a few hours here, a fixed fee there etc.
So far, I have done little bits in return for a cheque in the post but have shyed away from the bigger earners.

My question is, would it be worth setting up a Ltd company for this sort of thing or remain a sole trader? I'm not very comfortable with working for a cheque in the post as it feels as though it takes away from the 'professional' aspect of my work if that makes sense.

With the offers that have been on the table in the last 3 months I predict that with some work I will be able to pull in between £8-13k per year in fees.

I have always had the ambition of being a director of my own company and have always vowed to work for myself by the time I was 30 (I'm 22 currently). The good thing about consultancy services are the repeat work aspect and having my own 'brand' would help this.

Please bear in mind that I am talking about a side project (for now) as well as pinning down my full time job. Though currently due to my freelance work I am putting in an extra 8-10 hours a week and could increase this easily to build up my own baby.

Please let me know your thoughts,

Will

 

[bovine]

It is probably worth setting up a ltd co, just for the professional image. My father has had companies that he has used for side projects like this over the years (hes a Chartered QS, a fellow of RICS).

If nothing else, the contacts you build up now will be invaluable later - so often in the qs game its who you know!

 

[piemuncher260190]

Thanks bovine.

I do like the idea of owning my own ltd company and being a 'director' at 21, even though it would be of a tiddly little company with a few thousand pound turnover.

If I set up a ltd company, how does that effect my current job? What happens with my tax code etc? I've read somewhere about declaring yourself as 'self employed'?

I'm going to sit down my Directors and discuss if they are happy for me to do it. I don't see there being a problem as the work I am talking about would be dismissed by them as there are far better profit making exercises elsewhere.

Has anyone had this conversation with a Boss?

Will

 

[Scalloway]

If you are a director of a limited company you are not self employed, the company will either pay you through PAYE or dividends. If you have another job already your PAYE earnings from your own company will all be taxed at basic rate (no personal allowance).