The Self Employed Live-A-Boards Club Band

[TaffyRon]

Im a self employed lorry driver, only do 2 days a week out of choice, loads of work but I earn what I need and refuse to work my life away or sell too much of my life for 15 quid an hour

[john6767]

Thanks John and Tim.

regarding income from rent. I only have one house with a projected income of around £600 per month.I wont have any other bills so just running the boat and living costs. I know it'll be tight, but I do have a simple life.

So as has been mentioned you will have expenses in running the property, like maintenance so you would deduct those to get your profit, which i would have thought would be no more than £500 per month, ie £6k per year so if that is your only income you will not be paying tax on assuming you have a personal allowance, but that is not much to run a boat and live on.

[Peter X]

But the tax man will want over £100 of that

 

Depends. If Terryb's only income is £7200 per year net profit (after allowable expenses such as maintenance work) from renting out a house, wouldn't that be less than his tax allowance, hence zero tax?

Also (Tim Lewis) I think rental income is not treated as salary; it counts as unearned income, which means it does count for income tax but is not subject to National Insurance.

Terryb: I don't live on a boat, I don't even own a boat, but to summarise all the discussions of live-aboard costs on this forum I'd say that once your boat is in good order and paid for, and some money has been invested in useful items such as solar panels, you could maintain it and cover living costs on that £7200 if you're quite frugal. It probably helps if you have the practical knowledge to do some of the maintenance jobs.

[Erin42]

I'm a freelance filmmaker and freelance edit assistant, and I'm not very good at describing what I do so I'm probably one of those people who mumble vaguely about being self employed when asked

[Paul C]

Thanks John and Tim.

regarding income from rent. I only have one house with a projected income of around £600 per month.I wont have any other bills so just running the boat and living costs. I know it'll be tight, but I do have a simple life.

 

I hope your boiler doesn't break down!

[comfortably numb]

I'm a self employed pest controller, part time HGV Class 1 driver, and rent our house out so there are 3 income streams. I'd love to be able to CC but unfortunately need to be based in one place (a marina by choice) to do the pest control work.

 

I'm in the process of selling my pest control business and hope then to be able to CC next year. I'd still have the rental income and the HGV licence means that if I need a bit of extra dosh I can pick up the phone anytime seek a few shifts if I want to.

Edited October 14, 2014 by comfortably numb

[Jen_P]

What about land lords ??

 

I plan to live on the rent from a small house. Anyone got any experience with that or paying tax on "unearned income"

 

That's what I'm planning to do. I've got about 12 years experience of letting property though I am not some big hot shot landlord and money will be tight.

But I know how to fill in a tax return! Just done mine and my mum's this morning in two hours flat!

 

 

I'm a freelance filmmaker and freelance edit assistant, and I'm not very good at describing what I do so I'm probably one of those people who mumble vaguely about being self employed when asked

 

I'm also an unemployed TV producer so wondering if I can get a bit of film-making work or something like that in London - I've just moved from Yorkshire. I want to keep busy but I don't want the stress of a regular job!

[Lmcgrath87]

Thanks John and Tim.

regarding income from rent. I only have one house with a projected income of around £600 per month.I wont have any other bills so just running the boat and living costs. I know it'll be tight, but I do have a simple life.

 

Is this taking into account the maintenance required for the property, letting management fees etc?

[Erin42]

 

I'm also an unemployed TV producer so wondering if I can get a bit of film-making work or something like that in London - I've just moved from Yorkshire. I want to keep busy but I don't want the stress of a regular job!

I get fairly regular projects but I keep my rate low to do charity work, so I'm earning barely enough to live on my boat but working on projects that actually interest me. It's a good life

[Sabcat]

Im a self employed lorry driver, only do 2 days a week out of choice, loads of work but I earn what I need and refuse to work my life away or sell too much of my life for 15 quid an hour

 

You're a long time dead don't waste life working. The trick is being able to live on as little cash as possible. I probably work 20 hours a week these days, semi retired at 39. It's a hard life

[TaffyRon]

You're a long time dead don't waste life working. The trick is being able to live on as little cash as possible. I probably work 20 hours a week these days, semi retired at 39. It's a hard life

exactly my thoughts, too much out there, im not greedy, just enough to get by and stress free, also how much material things can you have on a boat? I wouldnt mind my own wood though

[Starcoaster]

Me too, I work a max of 20 hours on a heavy week, and I'm 36. however, if a shitload of incredibly highly-paid work came my way, I might be persuaded to up my game a little.

[Sabcat]

Me too, I work a max of 20 hours on a heavy week, and I'm 36. however, if a shitload of incredibly highly-paid work came my way, I might be persuaded to up my game a little.

 

Sell out

[Starcoaster]

I didn't say how much money it would have to involve.

Edited October 16, 2014 by Starcoaster

[jimbo747]

One way in which you could earn a living IF you are disciplined is "matched betting". Google it or look it up on Money Saving Expert. I will describe it here, but please don't jump on me for promoting gambling - i am not. This is emphatically NOT gambling because you are not risking your money.

Basically, it is a way to make money playing the bookies taking advantage of bookie bonuses and refund offers. It is not gambling, since your own money is not at stake - PROVIDED you can resist the temptation. I work full time, but i do this maybe 2-3 hours a week and make £200-400 a month with little effort. I know of people who are earning £1500-2000 a month from it as well.

Here's an example of how it works:

Paddy Power offer a £50 sign up bonus. Sign up, deposit £50 and bet it, and you'll get a free £50 bet. Now that sounds like gambling doesn't it! Except here is what you do.

Sites like Betfair offer you a chance to "lay" a horse, or football match. So say, for example, Paddy Power is offering odds of 4-1 on a horse winning. You can "lay" the horse, often for the same price, at Betfair. So you are covering both sides of the bet - if the horse wins, you win £200 at Paddy Power, but lose £200 at Betfair. If the horse loses, you lose £50 on Paddy Power and win £50 on Betfair. The net effect of those two scenarios, though, is that you have neither lost, nor won, any money (more realistically, this so called qualifying bet will cost you £1-2 as a result of small percentage differences in the price between the bookie and the exchange.

So having lost only £1-2 of the £50 on this qualifying bet, you now have a free £50 bet from Paddy Power. And you do the same again. You can easily turn this £50 free bet into £30-40 profit without taking any risk with your own money.

This is just an example of how to take advantage of sign up bonuses.

There are opportunities for sign up bonuses at around 100 online bookies, which would alone net you between £1200-2000, but there are long term strategies that can earn you a regular monthly income from the comfort of your chair. Nearly every football match, golf tournament or horse racing weekend has offers available.

 

I say again, it is not gambling, your own money is not at risk provided you stick to the rules. It is something i am working on perfecting to provide an income for my own move onto the canal.

 

I am not selling any products here, you need to do your own research. I am simply pointing out that for me, this is a viable way to earn some extra cash and possibly enough to survive on, on board provided i have a reliable internet connection, which i know many liveaboards don't.

If, however, you are a gambler, or fear you might be, steer clear. Gamblers always lose.

 

James.

[Erin42]

One way in which you could earn a living IF you are disciplined is "matched betting". Google it or look it up on Money Saving Expert. I will describe it here, but please don't jump on me for promoting gambling - i am not. This is emphatically NOT gambling because you are not risking your money.

Basically, it is a way to make money playing the bookies taking advantage of bookie bonuses and refund offers. It is not gambling, since your own money is not at stake - PROVIDED you can resist the temptation. I work full time, but i do this maybe 2-3 hours a week and make £200-400 a month with little effort. I know of people who are earning £1500-2000 a month from it as well.

Here's an example of how it works:

Paddy Power offer a £50 sign up bonus. Sign up, deposit £50 and bet it, and you'll get a free £50 bet. Now that sounds like gambling doesn't it! Except here is what you do.

Sites like Betfair offer you a chance to "lay" a horse, or football match. So say, for example, Paddy Power is offering odds of 4-1 on a horse winning. You can "lay" the horse, often for the same price, at Betfair. So you are covering both sides of the bet - if the horse wins, you win £200 at Paddy Power, but lose £200 at Betfair. If the horse loses, you lose £50 on Paddy Power and win £50 on Betfair. The net effect of those two scenarios, though, is that you have neither lost, nor won, any money (more realistically, this so called qualifying bet will cost you £1-2 as a result of small percentage differences in the price between the bookie and the exchange.

So having lost only £1-2 of the £50 on this qualifying bet, you now have a free £50 bet from Paddy Power. And you do the same again. You can easily turn this £50 free bet into £30-40 profit without taking any risk with your own money.

This is just an example of how to take advantage of sign up bonuses.

There are opportunities for sign up bonuses at around 100 online bookies, which would alone net you between £1200-2000, but there are long term strategies that can earn you a regular monthly income from the comfort of your chair. Nearly every football match, golf tournament or horse racing weekend has offers available.

 

I say again, it is not gambling, your own money is not at risk provided you stick to the rules. It is something i am working on perfecting to provide an income for my own move onto the canal.

 

I am not selling any products here, you need to do your own research. I am simply pointing out that for me, this is a viable way to earn some extra cash and possibly enough to survive on, on board provided i have a reliable internet connection, which i know many liveaboards don't.

If, however, you are a gambler, or fear you might be, steer clear. Gamblers always lose.

 

James.

 

I remember my dad telling me about this years ago, maybe it's time to look into it

[Sabcat]

A friend of mine does it for a living. To be honest, it'd be less effort to just get a job, the kind with holiday pay, sick pay, NI contributions etc. You can make money and I suppose you can kid yourself that you're not working for a living but you really are.

[Laurie Booth]

Still hoping to find a cleaner who lives on a boat and can come and do my boaty housework.

Called a wife

[Laurie Booth]

But the tax man will want over £100 of that

Not true, zero tax to be paid.

Income £7200 tax free allowance £10k.

[jimbo747]

A friend of mine does it for a living. To be honest, it'd be less effort to just get a job, the kind with holiday pay, sick pay, NI contributions etc. You can make money and I suppose you can kid yourself that you're not working for a living but you really are.

 

Agreed. It IS work and like all work, you need to develop skills and discipline to do it. The people that i know that do it full time and who are earning full time wages, are working 40+ hours a week. It's certainly not an easy option*.

The only reason i mentioned it is that people are struggling to find work, and if you are in that position - and are disciplined - it might be enough to keep the wolf from the door while you either get good enough to make a full time living from it, or, for most, find a job.

It's my plan B because it offers flexibility. Provided i am in the UK and have an internet connection, i can do it and make a few quid. Hence why it might suit cc'ers.

 

*unless, like me, you dip in and out for fun. For example, last night Ladbrokes sent me an email offering a £25 free football bet. I logged in, found a match, placed my qualifying bet on a E, found a match for my free bet, placed that, and walked away about 45 minutes later with £18 profit.

 

Agreed. It IS work and like all work, you need to develop skills and discipline to do it. The people that i know that do it full time and who are earning full time wages, are working 40+ hours a week. It's certainly not an easy option*.

The only reason i mentioned it is that people are struggling to find work, and if you are in that position - and are disciplined - it might be enough to keep the wolf from the door while you either get good enough to make a full time living from it, or, for most, find a job.

It's my plan B because it offers flexibility. Provided i am in the UK and have an internet connection, i can do it and make a few quid. Hence why it might suit cc'ers.

 

*unless, like me, you dip in and out for fun. For example, last night Ladbrokes sent me an email offering a £25 free football bet. I logged in, found a match, placed my qualifying bet on a E, found a match for my free bet, placed that, and walked away about 45 minutes later with £18 profit.

Probably also worth mentioning that as the govt class it as gambling, there's no tax to pay :-)

[Neil2]

Most self employed people will be cagey about two things, 1) what they actually do and 2) how much money they make.

 

Unless you really are working in a very narrow field, the key to working for yourself is being prepared to do pretty much anything provided the price is right. So if you meet a potential customer (ie everyone you meet) you don't want to miss a chance of making money. I've been self employed for 15 years or so and among the many things I've done are cleaned toilets, moved furniture, driven buses, looked after dogs, fixed plumbing, played guitar in a band, delivered cars, mended bicycles, and written articles for Waterways World... None of these services were mentioned in my Yellow Pages advert.

 

Money wise it's all about paying the bills and having a bit left over for yourself. That's all most sole traders want because it means you don't work any harder than you have to, leave that to the wage slaves. How each person does it (within the tax rules of course) is up to them and you won't get many people giving this information away, at least not for free...

[Texasboater]

I retired at 40.......went to the USA.......got divorced.........went back to work.........twenty yrs later coming home ........buying a boat........retired agin.

[MtB]

I'm a self employed musical instrument maker. I don't do it for the money* so much as to have time off whenever I damn well like!

 

*just as well really

 

 

I met a luthier moored up a few months back. It was obvious what he did from the line of violin shells hanging on a line strung between two trees. we spent a pleasant afternoon talking engines and violins

 

I have his card if anyone wants a custom violin or guitar made...

 

 

MtB

[John V]

 

 

I met a luthier moored up a few months back. It was obvious what he did from the line of violin shells hanging on a line strung between two trees. we spent a pleasant afternoon talking engines and violins

 

I have his card if anyone wants a custom violin or guitar made...

 

 

MtB

 

I don't know if it's the same delightful family we met about 3 years ago, superb craftsman ....their eldest daughter (still very young) had her siblings organised on piece work rates for her business enterprises...that young lady will go far !

[Peter Reed]

 

 

I met a luthier moored up a few months back. It was obvious what he did from the line of violin shells hanging on a line strung between two trees. we spent a pleasant afternoon talking engines and violins

 

I have his card if anyone wants a custom violin or guitar made...

 

 

MtB

Thanks MtB, I learned a new word today. Luthier must take my vocabulary up to 750.