MMP139: Preparing for self-employment
The Meaningful Money Personal Finance Podcast
Pete Matthew
4.9 • 1.7K Ratings
🗓️ 9 December 2015
⏱️ 21 minutes
🧾️ Download transcript
Summary
This week, I answer a listener question about preparing for self-employment. You may also recall the session from a couple of weeks ago about adding a sideline income - this week’s show will help with that too…
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Sponsor Message
This podcast is brought to you with the help of Seven Investment Management, a firm of investment managers based in London. They specialise in multi-asset investing, bringing institutional investing techniques to ordinary people like you and me. 7IM put their name to my show and to my site because they believe in what I’m doing, trying to get decent, easy-to-understand financial information out to the world. I’m very grateful to them for their support. You can see what they’re up to at 7im.co.uk
In this session:
Regular listener Andy wants to know what he might need to put in place before going self employed, particularly bearing in mind that he may not be able to draw a regular monthly income at least in the early stages of his business. In this session, you'll discover:
- The easiest thing to forget when you're preparing for self-employment
- The one thing you'll need to to do to survive as a self-employed person
- Why it might be best to start with some money behind you
- One big decision which will dictate your tax situation
- Why it is so important to keep good records form the start
- Some things you should be sure of if you're working from home
- The insurance you should think about
- What you need to know about pensions, and...
- Why you need to register with NICO.
Resources mentioned in this show
- Book: Emyth Revisited - Michael Gerber
- Accounting software: FreeAgent
- Accounting software: Xero
- Podcast: Auto-enrolment
- Website: Gov.uk - registering as self-employed
Join the conversation
I love to read and respond to your comments, so please do join in and share. Question: Are you preparing for self-employment? If so, what steps have you taken?
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Transcript
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| 0:00.0 | Hi folks and welcome to the Meaningful Money podcast session number 139. |
| 0:04.5 | Okay, well here's a catch. |
| 0:07.0 | He has to be self-employed. |
| 0:09.0 | Like a drug dealer? |
| 0:15.0 | This is the award-winning podcast dedicated to helping you put your finances in order. My name is |
| 0:23.5 | Pete Matthew and I'm going to share with you everything you need to know and everything you need to do |
| 0:27.4 | to secure your financial future. I'm here to help you make sense of money. |
| 0:49.1 | Okay, great to have you with me once again, folks, session number 139, and this week I answer a listener question about preparing for self-employment. |
| 0:54.9 | You might also recall a session from a couple of weeks ago about adding a sideline income, making more money this week's show will help with that too so stay tuned for that after the main body of the show |
| 0:59.9 | I'll announce what I'm going to be talking about next time no reviews this week I'm recording |
| 1:04.1 | a couple of shows in quick succession so no more reviews since I recorded two weeks ago show |
| 1:09.3 | so but I'm looking forward to next session, but I'll announce that at the end. |
| 1:14.9 | Remember, as always, before we get into any of that, that this podcast is brought to you with the help of seven investment management, who are a firm of investment managers based in London. |
| 1:22.8 | And they specialize in multi-asset investing, which brings institutional level investing techniques to ordinary people on the street, just like me and you. On the street, not really. That's not perhaps the right way to put it. You know, ordinary people, like me and you. 7.m. put their name to the show and to the site because they believe in what I'm doing, trying to get decent, easy to understand financial information out to the world. I'm really grateful to them for |
| 1:44.8 | their support. You know, it helps with equipment and hosting, web development, all that sort of |
| 1:49.1 | stuff. Really wouldn't want to do it without them. They've been real sports and have really helped |
| 1:53.6 | me get this message out over the last four years. So do go check out what they're up to. They're at |
| 1:57.3 | 7im.com.com. That's the number 7.im.com. Okay, here is a voicemail message from |
| 2:04.5 | long-time listener to the show, Andy N. Hi, Pete, it's Andy from Leeds here. What I'd like to know is |
| 2:11.0 | what personal finance things should I be considering if I was thinking of leaving full-time |
| 2:16.8 | employment and starting up my own |
| 2:18.6 | business. Bearing of mind, that business might not have a regular monthly income. So the incomes |
... |
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