SB: Small Business Start Up Discussion

Buzzman_2

Hi Annie021063 - I really would consider getting an accountant. They know exactly what kind of allowances you can claim and a good one should save you money

grantd

Smart Formations setup my Ltd company, and they did a good job.

Regarding selling online, I'd recommend you use MAGENTO, and there is a company out there called LIMESHARP who have a good track record. They're expensive and will treat you as a 2nd class citizen to their major customers, but they WILL give you a website on the level on the big boys and the capability to compete. Expect to pay £8k.

Cheers,

grantd

Kim_Possible,

I was in a similar-ish situation. I'd recommend setting up an ecommerce site with your skills. Wait for the demand...if/when it comes, bake from home. When the demand is enough you'll be forced into a unit. But definitely let nature take it's progress, don't get a unit / overheads before the demand.

cheers,

CKhalvashi

helenharvey wrote: »

i am about to go fully self employed does anyone have any tips?

am aware about self assesment tax but i have heard travel can be claimed back as a expenses etc

anyone with any advise full appreciated

xx

Anything can be deducted from profits provided it was wholly a business expense.

As far as I’m aware (I left self employment to go Ltd in 2004, having just taken 2 massive contracts, with drastic changes in law since then) the only exceptions to this is taxis, which must me mainly for business use, as is the same with driving school cars.

My advice to you, to fit your personal circumstances, would be to consult BusinessLink for a voucher, giving you a discount for an hour with an accountant to discuss your needs. This accountant should not be a TaxAssist, and I am not going to recommend anyone, it’s who you feel comfortable with.

As a local business which firm they use (if you have a reputation with them) to get an idea on what’s right for your area.

Best of luck on the new business :beer:

Chris

nicki31

Iv got a small (very) biz going, its only on facebook at the mo, its a sideline to sockmonkeys i make and sell, its called DarlinNikki lots of unique jewellery so if anyone wants to have a look search sockit2um on facebook. thank you

transcribe

Thanks for the info. It's very interesting.

worto03

Hi everyone - this thread is a brilliant resource, thanks to all inputting to it!

We are about to start a business (well my other half is anyway) primarily doing paint-a-pot mostly with children but many other crafty things as well, we have a premises organized but apart from that are just at the beginning of the process.

We (think) we have decided to go as a sole trader rather than a limited company due to
- less complex accounting requirements.
- our customers will not be VAT registered although our suppliers will be.
- we don't need to raise capital as we are using savings to startup the business.
- low profits expected for the first couple of years at least.

We are in the process of setting up a meeting with business link to discuss what has become a gigantic and rather overwhelming list of questions that we have on various subjects but I think if we can talk to someone with the right experience a lot of them will be obvious once they know our plans.

Anyway one question has been bothering me, I've read that it's a good idea to pay yourself a salary straight away which we like the idea of as it's a fixed amount with anything else being reinvested back into the business on new kit paints etc etc but how would that work - we expect to make a loss in the 1st year so what do we pay ourselves out of, out of our savings?, is a salary of around £8000 a year a good idea for tax purposes as it's just under the personal allowance?

What did you guys do around a salary when you were starting up?

hope I've made some sense, I'm hoping a lot of things will become clearer after we've spoken to an accountant, CAB and business link!
Cheers,
worto.

ILoveSaving

Hello everyone.

Just in the early process of starting a business and was wondering if anyone could advise me on a couple of points.

1. The business will be home based, providing sewing classes. I know that working with children involves having a CRB check done but I have heard that you cannot apply for one on yourself, a company or such have to do one on you. I have old ones from when I worked in schools, but that was more than 5 years ago. Are they still valid?

2. Also with the new disability law. Does this still apply to a business that is in a persons home? I can accomodate access to the room I would be using for anyone in a wheelchair, but they would never manage to get to the toilet upstairs. I have nowhere to build a downstairs toilet, would this put all my plans out of the window?

3. Are there grants available for buying extra machines / equipment for small classes held at home?

Thanks for any help, it is greatly appreciated.

Savvy_Sue

ILoveSaving wrote: »

1. The business will be home based, providing sewing classes. I know that working with children involves having a CRB check done but I have heard that you cannot apply for one on yourself, a company or such have to do one on you. I have old ones from when I worked in schools, but that was more than 5 years ago. Are they still valid?

Actually you don't have to have a CRB check before you can work with children. If you were offering childcare over several hours a day, it would be a different matter.

Of course some parents won't 'trust' someone who doesn't have a valid CRB check, which since they're not IMO worth the paper they're written on ...

What are you planning exactly? will children be left with you? or will their parents be in the same room?

And it is true that you can't get your own CRB check done: you can do a police record access request but it's not the same thing as a CRB check.

ILoveSaving wrote: »

2. Also with the new disability law. Does this still apply to a business that is in a persons home? I can accomodate access to the room I would be using for anyone in a wheelchair, but they would never manage to get to the toilet upstairs. I have nowhere to build a downstairs toilet, would this put all my plans out of the window?

You've only ever had to make 'reasonable' adjustments.

ILoveSaving wrote: »

3. Are there grants available for buying extra machines / equipment for small classes held at home?

vanishingly few ...

glum_cat

I am trying to secure funding from a Fund101 grant from Enterprise Nation, I am currently at 150/500 votes after blogging, tweeting, emailing and posting to my fb page and business page. The number of votes is now falling off each day, does anyone have any suggestions on how to get more votes?