Trying to get back in front

Chortle_2

A few more thoughts -

Is this a business that you could run from home? Or from an industrial unit (often the rent/rates are MUCH lower than in a shop for example) Could you run it solely online, and save yourself rent full stop?

If you do decide that the business is viable, you need to sort out those business debts ASAP. You're relying on this business as your income, so you need to protect that first and foremost, otherwise you could end up with nothing to pay your personal debts, let alone anything else. I do not mean to scare you, but by owing the IR (and I am guessing those are PAYE bills? ) you're opening yourselves up to some serious trouble.

dottyanne

JAMIEDODGER wrote:

other questions:

united utilities...is that electric?

how many kids do you have?

ground rent...is than an annual bill?

bt....does that cover broadband too....how much is your normal monthly bill with bt? can you split it down into how much you pay for broadband and how much is your landline...and what option are you on?

have tax credits requested you to pay back any overpayment yet?

how much do your dad, mum and brother expect you to pay them each month?



sorry its a lot of questions dotty!

United Utilities is my water - were on a meter - i am in credit by about £29.00 byt they wont reduce my payments until June when the next bill is due?

I have 3 kids that live with us and my hubby has 3 kids who live with their mum (weve both been married b4)..

The Phone is quarterly and included broadband..........

mum and dad dont expect me to pay anything just yet...........pay brother 37.19 per month.....

Tax Credits sent me a letter re overpayments in November 2005 ..........i havent addressed this yet??

dottyanne

Chortle wrote:

A few more thoughts -

Is this a business that you could run from home? Or from an industrial unit (often the rent/rates are MUCH lower than in a shop for example) Could you run it solely online, and save yourself rent full stop?

If you do decide that the business is viable, you need to sort out those business debts ASAP. You're relying on this business as your income, so you need to protect that first and foremost, otherwise you could end up with nothing to pay your personal debts, let alone anything else. I do not mean to scare you, but by owing the IR (and I am guessing those are PAYE bills? ) you're opening yourselves up to some serious trouble.

Trying to set online shop up aswell - getting some help at the mo from a close friend who does this herself...........

I know the Inland Revenue is a major worry, my aim is to try and catch up in the next 3 - 4 months - this is one of my main priorities..............

JAMIEDODGER

it might take me a while to wade through it all, but ill give it a go!!!!

dottyanne

JAMIEDODGER wrote:

it might take me a while to wade through it all, but ill give it a go!!!!

Thanks i really wanto to make a go of this business - i dont wanna throw in the towel just yet - thats why ive taken the other cleaning job - if i could just get out of this mess i know we could make it work!!!!

Chortle_2

dottyanne wrote:

Thanks i really wanto to make a go of this business - i dont wanna throw in the towel just yet - thats why ive taken the other cleaning job - if i could just get out of this mess i know we could make it work!!!!

In that case, getting the business on its feet should be your #1 priority, otherwise it won't be going long enough to pay your wages (and therefore your debts)

1) What kind of business is it? (I'm assuming from your other posts that its a shop of some kind? What do you sell?)

There are lots of grants/incentives/tax breaks out there for small businesses, chances are that there may well be one that you're eligible for.

2) Is it the kind of business that one of you could run on your own, whilst the other one was working somewhere else (and therefore earning a reliable wage)?

3) You're paying (well, ok, not paying, but being charged) £100 a quarter by an accountant - what for? Is it something a book keeper could do for you cheaper? Could you do a short course in book keeping, to do it yourself, and save any accountancy/book keeping fees in the first place?

4) Do you have an up-to-date business plan? Are you on track?

5) Is the business turning over enough to realistically keep going at all, let alone keep you and your family (and your debts!) going?

I know thats a lot of questions, and that your head must be spinning, but the way you are going at the moment, you're going to get more and more in debt each month, unless you face up to this.

If you want any advice re the business, I am happy to help. I've run 2 small businesses myself, and have worked in accountancy all my adult life. (yes, even accountants get into debt :rotfl:) So I know how stressful running a small business is, before you even get to the tax/finance/legal obligation side of things.

If you want to keep the business going, it'll be hard work, but it should be do-able. You just need to address a lot of issues NOW.

Have you got your OH to understand the seriousness of the situation yet? I really think this is too much for you to bear on your own now - get him on side! If nothing else, it'll make sticking to budgets a damn-sight easier if you both know what the consequences of going over-budget would be. Sadly, I don't think the kids complaining about sky going is going to be an issue anymore, you simply CANNOT afford it - whether they complain or not

You're being so brave, I really do hate to be so hard on you, (I very much feel for you, this is an incredibly tough position to be in) but realistically, you've got a lot of work to do yet. :grouphug:

dottyanne

Chortle wrote:

In that case, getting the business on its feet should be your #1 priority, otherwise it won't be going long enough to pay your wages (and therefore your debts)

1) What kind of business is it? (I'm assuming from your other posts that its a shop of some kind? What do you sell?)

There are lots of grants/incentives/tax breaks out there for small businesses, chances are that there may well be one that you're eligible for.

2) Is it the kind of business that one of you could run on your own, whilst the other one was working somewhere else (and therefore earning a reliable wage)?

3) You're paying (well, ok, not paying, but being charged) £100 a quarter by an accountant - what for? Is it something a book keeper could do for you cheaper? Could you do a short course in book keeping, to do it yourself, and save any accountancy/book keeping fees in the first place?

4) Do you have an up-to-date business plan? Are you on track?

5) Is the business turning over enough to realistically keep going at all, let alone keep you and your family (and your debts!) going?

I know thats a lot of questions, and that your head must be spinning, but the way you are going at the moment, you're going to get more and more in debt each month, unless you face up to this.

If you want any advice re the business, I am happy to help. I've run 2 small businesses myself, and have worked in accountancy all my adult life. (yes, even accountants get into debt :rotfl:) So I know how stressful running a small business is, before you even get to the tax/finance/legal obligation side of things.

If you want to keep the business going, it'll be hard work, but it should be do-able. You just need to address a lot of issues NOW.

Have you got your OH to understand the seriousness of the situation yet? I really think this is too much for you to bear on your own now - get him on side! If nothing else, it'll make sticking to budgets a damn-sight easier if you both know what the consequences of going over-budget would be. Sadly, I don't think the kids complaining about sky going is going to be an issue anymore, you simply CANNOT afford it - whether they complain or not

You're being so brave, I really do hate to be so hard on you, (I very much feel for you, this is an incredibly tough position to be in) but realistically, you've got a lot of work to do yet. :grouphug:

Hi Chortle - thanks for your offer of advice - i see youre more than qualified and i would really appreciate any advice you could give to me.

I dont really think that it can sustain us both , i am going to have to address this with OH, although i DO think as its his baby - it can keep him going.

OH does know were in debt and struggling but he just thinks things will get better when business picks up - its slow at this time of year.

Were in Computers etc..the problem is stock alone costs a fortune - the money to be made is probably in the virus removal area etc when there is no real outlay by us?? perhaps i can do a promotion on this to entice more interest??

Never had a business plan - so i dont know were its at??

I do however think if i had more of a separate income - ie enough to cover DD at least at home then the pressure would be lifted slightly - im gonna have to tackle this with OH - hes ill at the mo which doesnt make things easier as its like talking to a bear with a sore head.......

lynzpower

Dotty anne, going back from what Chortle said then is there any way you could run it from home/ industrial unit/ online only.

My OHs parents run a computer company, basically buying hardware, building PCs and networks for companies. I presume then that your company deals with customers ( ie the general public) not businesses?

Anne, One thing I would say, is if its his "baby" then he should be the one stressing about it. One of you has to take control of the business, saying it will pick up now, is a quiet time, isntstrictly true, as you have outstanding bills from months ago.

Has your business ever broken even?

Chell

I know there are alot of fees with eBAy but could you not set up your business on there too. Add a bit at the bottom of your listing stating what you have available if people want to contact you. Perhaps set up a seperate eBay ID for the business.

dottyanne

lynzpower wrote:

Dotty anne, going back from what Chortle said then is there any way you could run it from home/ industrial unit/ online only.

My OHs parents run a computer company, basically buying hardware, building PCs and networks for companies. I presume then that your company deals with customers ( ie the general public) not businesses?

Anne, One thing I would say, is if its his "baby" then he should be the one stressing about it. One of you has to take control of the business, saying it will pick up now, is a quiet time, isntstrictly true, as you have outstanding bills from months ago.

Has your business ever broken even?

Hi - i have just printed off the SOA i did in full last night - OH isnt feeling well at the moment but then im not either with all this stress - just gonna put it in front of hism and see what he says??