Self Employment whilst BR?

tmcd01

Hi,

was made BR at beginning of Jan, have recieved an offer to open a catering van in middle of industrial area. Father has offered to buy van and stock to get going but i would have to run it from then on, paying myself, rent, licence fees, stock etc. Is that ok? what restrictions are there?
Any ideas?

Thanks

ohwell

I am not too sure, others on here maybe more qualified to answer.

I am sure you can do all this as long as you trade in the same name in which you became bankrupt. Once your business costs are taken out I am assuming the profit is your wage. you would then have to pay your IPA out of excess once your personel bills, ie electric, rent, groceries, clothes etc is paid.

hope this helps and hope i am correct with what I have put. Good luck

maxmycardagain

all you are restricted to is trading in the same name you went BR in, in your case your own name

HEADACHE

Ok,you wont be able to buy stuff on credit but at the end of the day everyone has to work to live so go for it.
Its probably best to get into a system of paying upfront for stock etc.
Hope it goes well,but dont let the OR drain you of self confidence making you feel guilty of being bankrupt.

maxmycardagain

once you get a wholesalers card (bookers, bestway,batleys.makro) and the bacon man calls everyday theres only gas to consider...