Starting a Business - madness in this climate??

pesky33

I'm thinking of starting a business, as I'm unemployed and going to be studying in September. Is it crazy to want to start doing one now?

Where can I go for advice?

I'm not business minded at all, I'm an artist, and so far have bumbled along selling paintings and cards, keeping track of the profit I've made (zero....) but I'm paranoid that social services or the inland revenue or something are going to get in touch and arrest me, even though I'm trying hard to get something in place!

I'm already self-employed, but through Issuebits (I do AQA), so does anyone know offhand if I can just add the stuff from my art to that?

I'm in a muddle

paulwf

pesky33 wrote: »

I'm thinking of starting a business, as I'm unemployed and going to be studying in September. Is it crazy to want to start doing one now?

That very much depends on what sort of business you want to run and whether or not you will continue with it come September.

Where can I go for advice?

If you let us know some details people here might be able to help or point you in the direction of the relevant business forum. Generally the best starting point for advice is the Business Link website and the free courses they run regularly all over the country. Your local enterprise agency may also provide free advice, check out the business group at your council and local chambers of commerce as well.

I'm not business minded at all, I'm an artist, and so far have bumbled along selling paintings and cards, keeping track of the profit I've made (zero....) but I'm paranoid that social services or the inland revenue or something are going to get in touch and arrest me, even though I'm trying hard to get something in place!

I'm already self-employed, but through Issuebits (I do AQA), so does anyone know offhand if I can just add the stuff from my art to that?

I'm in a muddle

As you work for AQA I assume you have registered with HMRC as being self employed. To stay on the right side with HMRC it is best to have a separate bank account (it probably doesn't have to be a business account just another current account) and make sure all income goes in and all expenses go out of that. Keep receipts for all materials you buy and invoices for everything you sell. A business will have costs as well as income and many do only break even (or even lose money), you are only taxed on the net profit. I would suggest you take advice from a professional (most accountants give a free hour) or call HMRC who can be really helpful rather than rely on advice from lay people like me though

So, do you intend to create and sell art as your business?

Horace

I think it is the best time to start a business - I have started one. I had lots of help from my local chamber of commerce and have spoken to Business Link on a regular basis.

You do need to register with the HMRC - dont whatever you do let on that you have been working on an adhoc basis because they will fine you if they think you have been working and earning. On the whole the HMRC are helpful and offer free courses on self assessment and VAT although you wont need to register for VAT just yet.

You may even be able to get a grant or some funding - again Business Link can help you here as I know that money is going into the creative industries and I think art is classed as creative.

Best of luck.