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Hi
I'am looking to be a self employed plumber/ Gas engineer in the near future but i wanted to know what are the costs and what will i need to purchase or have as mandatory i.e liability insurance and any other insurance , tools, van etc some guidance would be very helpful.
Thank you in advance.
 
Before you start, you will need a method of transport and tools.
When you start, you will need public liability insurance. This, depending n what you at going to do. Will cost between £200-£700 a year.
If you are gas safe, factor in the yearly charge.

Tools. Always buy the best. They will last, and pay for themselves over and over again.

Van. You could just get a small van, or even an estate car! Again, it depends on what work you will be doing. A tidy van and you looking reasonably smart will give a professional look. Cost wise, you can pick up a van for £1000. But be careful, as when it's off the road it costs you for the repair and time not at work.

I have been self employed for 20 years. But through health, had a couple of years back on the books. So 5 years ago I stated self employed again. I put £15,000 into my business account and bought the van, stock etc. I then paid it back to myself through the business at £300 a month. Somtimes, if the business was doing ok I would pay back a bit more. ( this was apart from taking wages). In January, I will have been paid back in full.

The main thing you need is work! If you can work mostly for private customers at first. They normally pay straight away. If you are going to work for contractors, you need to factor in that you won't get paid for 30+ days. This won't help cash flow, but once you get past the first month, money should come in every month.

Don't forget e earthing you will earn is taxed! So put a minimum of 20% of your earnings ( not turnover) onto a savings account. Don't think it's yours, or you will be in big trouble when your first tax bill comes through the door.

Before you start, have a word with local sole traders ( builders, joiners etc.) and ask them who they use to do thier accounts. Then go and make an appointment with them. They will advise you on where to start with tax, national insurance and CIS deductions.

Other than that go for it.
 
From previous posts you are on a fast track plumbing course. This will give you the theory but before you go fully self employed with own client base, you need the practical knowledge. Work alongside an experienced plumber, self employed/ Day rate, for a year or more in which time you'll know what tools and transport is needed for the work you will be doing.
 
Thanks you for your advice much appreciated i won't be going self employed anytime soon i just wanted a heads up in terms of costs etc...
Thanks again.
 
10-20k and don't go down the fast track, as half the ones don't know what there doing at the end of the course and get into problems easy
 
I have been working with plumbers and gas engineer fixing , repairing , installing and commissioning boiler's, gas cookers and space heaters for a few years. I just haven't had the opportunity financially to do a course and gain the relevant qualifications.
 
There's a file you can download if starting up on your own which will give you lots of ideas about tools, insurance, advertising etc.

Start up costs
j

That's brilliant. Really makes you look at true costs. Some things are not needed, but most are.

maybe we al need one that calculates true running costs of a business.
 
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j

That's brilliant. Really makes you look at true costs. Some things are not needed, but most are.

maybe we al need one that calculates true running costs of a business.

When I used to work out the true hourly rate at gas businesses I used to used a slightly more complicated tool but it was to ensure you knew what your exact costs were per hour prior to everything else.

Only when you know your real costs can you work out what to add for yourself to make your hourly rate.

If you don't then it's guess work and if you expand can sometimes get into trouble really easily.
 
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