New start-up - Advice wanted

nigelclaire

Hi, I have started selling real estate apartments abroad through a website. I am currently not registered as self-employed (no sales yet) but am a basic rate tax payer as I have another part-time job. What do people think would be my best option with regards to tax registering a ltd etc? I anticipate a annual £10,000 profit for first year or so as I would need to develop agency, this is commission from the developers.I never deal with clients money myself. As you can probably tell I am new to this and this is the first step getting some advice. Thanks so much,

motorguy

Good luck with this.

I hope you can make money from this as you're going into this market very late, its an aggressive market, and also with the depressed housing market here in the UK people are less likely to be able to pull cash out of their equity to buy foreign second homes or to use as deposits.

nigelclaire

pgilc1 wrote: »

Good luck with this.

I hope you can make money from this as you're going into this market very late, its an aggressive market, and also with the depressed housing market here in the UK people are less likely to be able to pull cash out of their equity to buy foreign second homes or to use as deposits.

Yeh I know but as I said its a second income and something I enjoy doing I don't expect to make a killing.
Any tips on the most tax effective way of starting up? Ltd etc.. I have no idea,

Thanks

richt71

nigelclaire wrote: »

Yeh I know but as I said its a second income and something I enjoy doing I don't expect to make a killing.
Any tips on the most tax effective way of starting up? Ltd etc.. I have no idea,

Thanks

I'd arrange an appiontment with a local accountant. Most do the first consultation free. It needs to be set-up correctly for your circumstances.

motorguy

Limited company requires different accounts than normal, which can be expensive, so i'd avoid if you can.

As above, seek professional advice....

martindow

http://www.businesslink.gov.uk

They offer lots of free help and advice particularly for start ups. I've found them very useful.