Small Business Start Up Checklist

Caseyface

Hi

I am intending on starting a small business selling clothes online in the next month, can anyone give me a checklist of things i need to do? I work full time so this would be my second job, i already know i have to declare myself as self-employed for this.

I realise i will have to register as a business with the tax people, i'm pretty sure i wont be turning over 60 grand a year too.

• Should i just make myself a simple spreadsheet which includes amount spent, profit/loss?
• Do i keep all receipts from post office?
• At the end of the tax year do i need to employ an accountant or can i do my books myself?

Any advice would be appreciated
Thanks:o

fengirl_2

I would make a spreadsheet for each month's income and for each month's expenditure. Make collumns across which analyse expenditure into different categories such as stock, postage and packing, telephone, travel, office costs, etc.Make sure you open a separate bank account and put al your business income and expenditure through this. Enter all your transactions on your spreadsheets and reconcile your bank account to the spreadsheets every month. Keep all receipts (neatly in a file if pos). You dont need an accountant, it depends on how confident you feel about putting together an income and expenditure account.

Lavendyr

If you haven't already, visit http://www.businesslink.gov.uk - very good resource.

Caseyface

Thanks very much

dearbarbie

thanks for this - I've been looking for something similar. Does anyone know of any list online of what you can claim back for - expenses? If working from home can you claim a proportion of your rent for example?

fengirl_2

There is no list of business expenses as all businesses are different. You need to include in your records all expenditure which you have paid out in order to earn your profits - this will vary from business to business as they are all run in different ways. If you are wokring frm home, you ca include a proportion of yur heat and light, but not your rent as you would be paying rent whether or not you traded from home.

dpc036

Ive recently started my own business, and i signed up with a local chamber of commerce. They have provide support and advice throughout the startup, as well as a grant based on 40% of my startup costs.

The Business Link site is also worth looking at as someone has said.

tompritchard

I'm self-employed sole trader self-assessment what-have-you. I am thinking of setting up as a business - any advice on recommended business accounts or any other advice that I can receive to help get me started?

fengirl_2

You are a business! What more exactly do you think you need to do?