Are you an ‘Oldpreneur’ in the making? Are you a Silver Surfer ready to ride a new wave of working?
This is the time to do it! See our guide to setting up a LTD company.
Mick Jackson – heard of him? He is basically a total legend. I went to see him speak last night, at an event for Young Professionals in the Oil and Gas Industry (I just about fit that mould) – he is an altruistic (charity stuff – good word eh!) entrepreneur and his work is used as an example of success at Babson College – a mecca for entrepreneurs in training!
He started his career in this line of work at the age of 33 – he was a rock and roll star in the making before that! Don’t listen to me bang on about him – you can check out his business (watch the videos) Wild Hearts in Action here.
It is never too late to pursue your dreams, and never to late to think of a new dream to pursue!
Similarly, the founder of McDonald’s (other good fast food chains are available) didn’t begin the food chain until he was 52!
According to Smarta one in six new businesses in the UK are set up by people in their 50’s or older. And businesses started by people over 50 have a 70% chance of surviving their first five years! They call it the ‘Silver Start Up’.
My Dad was lucky, he worked hard all his life, but was born to be retired; in order to fulfil his two hobbies gardening and golfing. Not all over 50’s are as lucky. Redundancy is high, and can mean that you are out of a job before you have accumulated the wealth you hope to thrive on after your working days are over. However, you have likely built up a mass of contacts, skills and expertise that could be outsourced to other businesses – this is why the life of a consultant, contractor or freelancer can be an absolute hit!
Aside from the financial aspects, you are at a stage of your life where you might have seen all that your first working industry has to offer, and may have always had a back burner dream that hasn’t ever come to fruition. Once kids are off to Uni and life free’s up some time, it can be the perfect opportunity to grab a dream by both hands and make it a reality.
I found some great stories of ‘Oldpreneurs’ on the site High50Money – their motto? ‘Age has its benefits’ – it really fills you with hope and excitement that there could be a new venture waiting for you at 50 or 60, and not just a gold pen and a good bottle of farewell whisky.
The article helps self-employed sole traders and partnerships to understand how basis period reform will impact their business in the 2023/24 transitional tax year, and what steps need to be taken to ensure they do not lose any brought forward tax reliefs and remain compliant!
The article outlines the typical tax payment dates and methods of estimating the values of tax payable for each type of tax, including VAT, PAYE, NIC, CIS, Corporation Tax, and Dividend and Personal Taxes.