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Alot of help needed please
sammiebmouse
Posts: 154 Forumite
Hi,
My fiance was working for a company who went into receivership last friday. He wanted to set up himself and was in the process of applying for a business loan, so they sold him the assets.
He is now the owner with 30days to find the money, the bank are sounding positive so thats not the problem.
The problem is that I dont know where to start regarding payroll,VAT,business insurance,business banking,employers liability etc,invoices without being VAT registered.
We did not think we would have ownership so soon so are trying to get everything sorted asap.
Can anyone give me any tips/advice on where to go from here?
A brief bit of info: Its a graphic design company, designing business cards,decals,specialist vehicle wraps,embroidery & printing. There are two other employees,one other graphic designer,one embriodery, and my fiance.
Any advise greatly appreciated!
My fiance was working for a company who went into receivership last friday. He wanted to set up himself and was in the process of applying for a business loan, so they sold him the assets.
He is now the owner with 30days to find the money, the bank are sounding positive so thats not the problem.
The problem is that I dont know where to start regarding payroll,VAT,business insurance,business banking,employers liability etc,invoices without being VAT registered.
We did not think we would have ownership so soon so are trying to get everything sorted asap.
Can anyone give me any tips/advice on where to go from here?
A brief bit of info: Its a graphic design company, designing business cards,decals,specialist vehicle wraps,embroidery & printing. There are two other employees,one other graphic designer,one embriodery, and my fiance.
Any advise greatly appreciated!
[strike]Loan 1 = £5912.91 - 26 payments left @ £227.33[/strike] £3413.91- 15 payments left
Loan 2 = £[strike]2187.05 - 26 payments left @ £85.[/strike] £1251.05 -15 payments left @85.00
Credit card = [strike]£1018.14[/strike] Cleared and cancelled!!:D
Overdraft = £900.00
Baby Isobel's arrived - 13th December 2008:j
Loan 2 = £[strike]2187.05 - 26 payments left @ £85.[/strike] £1251.05 -15 payments left @85.00
Credit card = [strike]£1018.14[/strike] Cleared and cancelled!!:D
Overdraft = £900.00
Baby Isobel's arrived - 13th December 2008:j
0
Comments
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Your OH has taken on a huge responsibility and does not know where to start!
I suggest a visit to Business Link - they may be able to pair him up with an adviser because the questions you are asking here are huge and we couldnt possibly give you detailed advice.£705,000 raised by client groups in the past 18 mths :beer:0 -
Hi , Did you have an accountant look at the books before you offered to buy?0
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Hi , Did you have an accountant look at the books before you offered to buy?
Not sure if you read the post correctly - the business went into receivership, I assume he has only bought equipment from the receivers.
OP - assume it was a limited company and he has bought the assets from the receivers? Not some sort of behind the scenes deal with the previous owner?0 -
With regard to tax and payroll, speak to HMRC. I have found them to be surprisingly helpful0
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