The finances / income of self employed sole traders
Can anyone shed any light on the finances of tradies.
I was thinking about this the other day and got interest but can't find anything on line really.
Say a trade charges £200 a day, works 48 weeks a year and has a revenue of £48k a year.
There maybe additional income like marking up materials, but what is the range of out goings like van, tools, insurance, tax
Also the extra hours going and pricing up jobs.
Really interested to know how it stacks up as a annual take hom
At those rates you're most likely to find a grumpy and bordering on broke tradesperson, depending on where you are in the country, of course. At that rate, take home pay after costs is going to be pretty lousy because to run a trade business successfully you can't just be on site to earn your money. The tax situation would depend on whether they're sole trader or Ltd company, and if they opted to be voluntarily registered for VAT. So many variables, it's difficult to provide a generalised figure