Mobile Bar Business / Company / Tax Help
summer201
Posts: 14 Forumite
Hello Everyone
I hope you are well on this rainly London Monday :-)
Im in the process of starting a mobile bar business, I understand the licensing laws and what i need from local councils and a personal license.
In terms of my business can anyone advise,
Do I need to be a limited company?
Also is it only VAT i need to register for?
With the product being alcohol which I will supply myself from a designated wholesaler, is there any other tax etc I should be aware of?
Many Thanks in advance for your help
I hope you are well on this rainly London Monday :-)
Im in the process of starting a mobile bar business, I understand the licensing laws and what i need from local councils and a personal license.
In terms of my business can anyone advise,
Do I need to be a limited company?
Also is it only VAT i need to register for?
With the product being alcohol which I will supply myself from a designated wholesaler, is there any other tax etc I should be aware of?
Many Thanks in advance for your help
0
Comments
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Do I need to be a limited company?
No. You can be a sole trader, partnership or LLP
Also is it only VAT i need to register for?
You should check with your accountant as Alcohol is involved, but normally you only register for VAT if your turnover is over £85k pa.
With the product being alcohol which I will supply myself from a designated wholesaler, is there any other tax etc I should be aware of?
No.
Get yourself a decent accountant now and get his advice. I have been in business 15 years and can guarantee that a good accountant is something that you can't afford not to have.Eat vegetables and fear no creditors, rather than eat duck and hide.0 -
Most of the time it's better to NOT voluntarily register for VAT and to wait until you hit the threshold.
It can only be assessed on a case by case basis but questions such as "Who are your target consumers?"
If you're providing to weddings, birthdays etc. they are unable to claim the VAT back so will effectively be paying 20% on top when compared to a non registered competitor.0 -
Don't forget PAT testing of your equipment, insurers may well ask it to be done.
Maybe your aware but as alcohol is involved you would need a licence.0 -
Thank you very much for your replies they have been very helpful.
Notes taken haha0
This discussion has been closed.
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