Registering as a business?

Blitzwing85

LittleVoice wrote: »

Just because your employer was content for you to have a second job a while back does not mean they will be happy with you having outside work now - particularly if it is in any way in their own line of business. They don't want you taking work off them, using contacts with their clients if that is what you are about.

It isn't taking any customers from them and it's not related in any way to their trade.
My company is a manufacturer of breathing apparatus, gas detection equipment etc. I am in charge of the calibration department and calibrate all the equipment used as the company is large enough to make this mroe worthwhile than sending things externally.
I don't calibrate any external equipment...only internal.

The contacts i've gained are all suppliers to my current employer, not customers. And i'd simply be providing a different service to them.


My company didn't have issues last time but i do need to check because this is a much mroe serious 2nd job...and they will know that if it takes off i'll be leaving.


But then again i've already told them recently that i'll leave if the don't pay me what i want 1 way or another...so this will give them something else to think about.

Blitzwing85

KiKi wrote: »

You need to decide whether or not you are setting up as a Sole Trader or a Limited company - the legalities and tax for each are very very different, as is the 'registration' for it.

Use the business link website above (two posts up) to look at 'legal structures' and decide how you want to set up. Many people set up as Sole Traders and then become incorporate limited companies later on, but if you have specific liabilities then you may want to set up a ltd company straight away. Also consider whether or not to register for VAT - again, use the business link website.

It's far too complex an area to provide simple advice for, I'm afraid.

KiKi

Yes there is certainly a LOT to consider. But, while i have a very good idea of what i'll be doing i'm still technically in the 'research' stage with how to proceed.
I want it risk free, with as little initial expenditure as possible. I'm happy where i am currently and have recently received a bonus plus written confirmation of an incremental pay rise over 3 years taking me to what i want.
So i have time, and i plan to just build this up slowly over the years and then when the time is right go full time with it.



Besides this i have another idea for something that could get me rich...if it worked. (i can dream right...) Of course, 1000s try this all the time and few work but i've seen a niche and if i can just find someone who can create a (basic) computer game then i can work with them to get my idea across to the relevant people to produce it in full.

Might just be a crazy dream but i really think that if i can get my idea out of my head and into what i want it to be then it could do well.

KiKi

Blitzwing85 wrote: »

Yes there is certainly a LOT to consider. But, while i have a very good idea of what i'll be doing i'm still technically in the 'research' stage with how to proceed.
I want it risk free, with as little initial expenditure as possible. I'm happy where i am currently and have recently received a bonus plus written confirmation of an incremental pay rise over 3 years taking me to what i want.
So i have time, and i plan to just build this up slowly over the years and then when the time is right go full time with it.

Then your best bet is probably to go as a sole trader. As a limited company the finances are pretty complex and you'll need an accountant for that. You also have to pay yourself through PAYE as a ltd company, and there are corporation tax implications.

Best of luck with it.
KiKi

Blitzwing85

KiKi wrote: »

Then your best bet is probably to go as a sole trader. As a limited company the finances are pretty complex and you'll need an accountant for that. You also have to pay yourself through PAYE as a ltd company, and there are corporation tax implications.

Best of luck with it.
KiKi

Yeah i think that is the only logical path to take with it.
Well i think i'll try to gauge interest in the service i'd provide and see what kind of response i get.

Savvy_Sue

Blitzwing85 wrote: »

I'm going to be using up a lot of my free time as i'm also studying for a Hons Degree through Open Uni. (although i will do most of this at work do be honest.).

I'm just wondering if you're studying at work with your employer's knowledge and permission, otherwise you could find yourself needing the new business to support you sooner than you expect. Please tread carefully.

Blitzwing85

Savvy_Sue wrote: »

I'm just wondering if you're studying at work with your employer's knowledge and permission, otherwise you could find yourself needing the new business to support you sooner than you expect. Please tread carefully.

Oh yes they know about it...they are paying for it! They love people studying which is the reason i'm doing it. There is no way i'd have time otherwise.
They even put someone else in with me to supervise 2 days a week, so once i set him away i have those full days to get on with my work. They are happy with that as long as i put work a priority if he comes across a problem which needs my attention.