Starting up a small business

barnaby1960

My wife and I work full time, but we want to start up our own business. We have all the contact suppliers, and are in the process of looking into finacially assistance and premisies. I would be grateful if anyone who has entered into this befre could give us some pointers of what to do and what to look out for.
Thank-you
Nicholas & Philippa

Tallymanjohn

Contact your local tax office for advice - they are very helpful these days. My local one ran a day-long seminar on how to keep yourself legal, what you need to do, don't need to do etc. - all invaluable stuff & I'm sure all tax offices will do the same - they even offered to send someone out (for free) to go through my individual requirements!

On a more basic level, don't bother to register for vat until you need to - I think the turnover threshold is currently in the mid £50k, but once you've registered, it increases the amount of paperwork enormously, so don't do it until you need to (this was one bit of advice I got from the tax seminar I went to)

Astaroth

Have a look at the business link website as it has a lot of useful information. You can make a free appointment to see one of their consultants in the local office (as with everything some are better than others)

MORPH3US

Yeah agreed Business Link are brilliant for all this sort of thing.

Where are you based and what area is your business idea in? Might be able to offer more help depedant on those answers!!

M