emicen
Member
Registered: 26th Jul 10
Location: Glasgow
User status: Offline
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quote:
Originally posted by CORSA NUT
I'm looking to 'Start' the company in June/July but want to get the ball rolling now ie UTR number and register the business etc.
I'm more than capable in what I do I'm actually looking for advice from people who actually own there own business and any tricks or handy tips they have...thanks for the concern though  plus I'll never stop learning.
So like I said, find a good accountant and talk to them and start figuring out where your savings pot for living off is going to come from.
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CORSA NUT
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Registered: 3rd Aug 01
Location: Wirral
User status: Offline
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Yeah that sounds like the best thing to do! At least can give me all the ins and outs then from the beginning.
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Tommy L
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Registered: 21st Aug 06
Location: Northampton Drives: Audi wagon
User status: Offline
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Download and send in a CWF1 form in to HMRC. That will get the ball rolling to letting them know you're beginning self employed work
[Edited on 07-02-2011 by Tommy L]
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mattk
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Registered: 27th Feb 06
Location: St. Helens
User status: Offline
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you can do it all online, nothing you can really do yet, you dont need to register the business if you are a sole trader and you can only apply for your utr when you are trading, as you are employed now, you arnt trading,
once you leave your job at lexus you can start, apply for your utr online, takes 5 mins, set DD up for class 2 NI and your ready to start
still think you would benifit working with someone else for a while though, its ok doing small jobs but if your ripping peoples houses to bits doing a full rewire, you have to do a first rate job, and often that isnt enough 
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emicen
Member
Registered: 26th Jul 10
Location: Glasgow
User status: Offline
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Is being a sole trader his best tax and liability option?
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mattk
Member
Registered: 27th Feb 06
Location: St. Helens
User status: Offline
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for starting up on your own it is imo, unless he is looking to borrow a massive amount, in which case as a sole trader its more difficult to gain capital. liability is unlimited but again unless he makes a massive loss its no problem, tax wise you have to turnover 67k? Before you have to be VAT registered and charge VAT, not having to charge VAT is a big advantage for a small business imo, you are 20% cheaper right away,
unless he is aiming to have employees and huge loans for premises vehicles ect i reckon sole trader is best
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CORSA NUT
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Registered: 3rd Aug 01
Location: Wirral
User status: Offline
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Thanks for all that Matt I really appreciate the advice mate  for the record I'll be mainly looking at domestic work and have already been sorted work for Magnets via a mate of mine as his spark so thats at least a step in the right direction.
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Marc
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Registered: 11th Aug 02
Location: York
User status: Offline
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I wish you had asked this last year, as I would have loved to have read Jimmy Bennetts advice!!
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mattk
Member
Registered: 27th Feb 06
Location: St. Helens
User status: Offline
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quote:
Originally posted by Marc
I wish you had asked this last year, as I would have loved to have read Jimmy Bennetts advice!!
most of what I posted is what he told me 18 months ago, most of it was correct
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