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A really well run business will only pocket around 50% of the turnover most much lower, turnover doesn't matter a jot, The bottom line profit figures are the important part.
How you price is going to be an individual thing, the problem is there will be a maximum amount that you will be able to charge, based on competition, Its possible that your overheads may be above this figure (or become above this figure), so research before you jump is vital, It is why so many business fail not initially but within a few years.
Chances are that you will be worse off money wise per hour than when you are employed full time, work on this principle and if your not then think of it as good fortune.
Once your turnover is above 50k you will need to become VAT reg, as your customer base Will be the general public this will immediately make you 20% less competitive than Joe bloggs down the road who is not, these days I would think 50k turnover is the minimum you would need to have any standard of living.
Ltd or sole trader both have there pros and cons, a decent accountant will advise you latter on, and although we all hate paying tax, Its a very good indicator of the health of your business, If your not paying tax, then the long and short is your not earning any money, adding anything to your capital account and without a change of course your business will fail.
Use your account meet with them regularly and make sure you use things like capital allowances to there full extent on a good year, keep your bookwork up to date, and get invoices in quickly, don't tolerate bad payers, and keep your suppliers payed and unto date, or come to a trade account agreement. Spending time in the office is often the most important job of all.
How you price is going to be an individual thing, the problem is there will be a maximum amount that you will be able to charge, based on competition, Its possible that your overheads may be above this figure (or become above this figure), so research before you jump is vital, It is why so many business fail not initially but within a few years.
Chances are that you will be worse off money wise per hour than when you are employed full time, work on this principle and if your not then think of it as good fortune.
Once your turnover is above 50k you will need to become VAT reg, as your customer base Will be the general public this will immediately make you 20% less competitive than Joe bloggs down the road who is not, these days I would think 50k turnover is the minimum you would need to have any standard of living.
Ltd or sole trader both have there pros and cons, a decent accountant will advise you latter on, and although we all hate paying tax, Its a very good indicator of the health of your business, If your not paying tax, then the long and short is your not earning any money, adding anything to your capital account and without a change of course your business will fail.
Use your account meet with them regularly and make sure you use things like capital allowances to there full extent on a good year, keep your bookwork up to date, and get invoices in quickly, don't tolerate bad payers, and keep your suppliers payed and unto date, or come to a trade account agreement. Spending time in the office is often the most important job of all.
