- December 5, 2023
- Posted by: legaleseblogger
- Category: Related News
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Considering Whether to Register a Business for Contract Work
As I am currently employed and earning a salary of $150,000 per year, with the potential for a 12% bonus in the near future, I am exploring the possibility of taking on a contracting opportunity that could potentially yield an additional $25,000 per year. I am in need of guidance on whether I should register a business for this endeavor. I have received advice to consult with Henry, but I am still uncertain about the best option for me, whether it be operating as a sole trader or establishing a formal business entity.
AI Legalese Decoder can be a valuable tool in this situation as it can aid in simplifying and demystifying legal jargon, helping me to better understand the implications of registering a business. It can provide clarity on the differences between operating as a sole trader and establishing a business, and highlight the legal and financial considerations involved in each option. By using the AI Legalese Decoder, I can gain a clearer understanding of the potential advantages and disadvantages of each approach, enabling me to make a more informed decision on how to proceed with the contracting opportunity.
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Original Content:
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****** just grabbed a
19M here,If you donÔÇÖt mind me asking, what do you do for work ?
Registering is good for limiting liability – if something goes horribly wrong as a sole contractor your house is on the line. So get insurance!
Hnry is a great way to make this work. IÔÇÖve used it for years.
I used to do this style of accounting.
My nonporfessional advice is to set up a new bank account. All contracting expenses and income come from/go to. For your personal money try take a fixed amount out each week.
This will make it waaaaaaay easier for your accountant rather than scrambling around looking at a mix of personal and business expenses
Hnry will manage the extra sole trader income and pay you tax paid money to your normal bank account, while monitoring all your other income sources so you pay the correct tax rates.
For 25k per year, nah. The admin overhead isnÔÇÖt worth it. Wait and see how it goes first. You can always register later. HNRY is a good option as they are effectively your accountant. Not sure how it will work with a salary job as well though. May be better just to get an accountant at the end of the year to do your return. You may end up with whoever you are contracting to taking tax directly. Seems to be the thing these days. So you might not even end up with provisional tax next year. You will need to keep records of legitimate business expenses.
I think OP meant 250k an year. I made the exact same move end of last year. I’m a data engineer as well, went from 170K Perm to 1000$ a day on contract.
I heard about HNRY, but I decided to go pay an accountant to do my taxes.