new business? should help up our income?

Anoon

Hi

I am a regular poster but wanted some advice , and I worry who can see this! Basically I am obviously in debt as is my husband around 8k between us. My husband works fulltime in ICT, he is on a very low wage considering his hours/ skill and experience. I am not the only person who thinks this, however he cannot ask for a rise at the moment and hasnt had one for 2/3 years. I think he could do this on his own, in order for him to earn what he does now he would need to make 50 per day. I was thinking of doing this part time to start of with, distributing leaflets, getting a new number and paying for new top with business name ect. I could post this round most nights for an hour ( I would do these very cheaply on my own comp). However he is concerned that if found out his job would be at risk - however he would not be poaching any current customers or even telling them. He would be finding his own ect. I thought he could do this for a while to build up himself with the stability of an income aswell. He could then think about going it alone in the future if all goes well.

Where do we get started with regards to TAX/VAT registering a new company ect? Does anyone have any ideas? Also do you think this is a good idea? Or would you to be concerned with losing current job.

Tixy

Is there anything specific in his contract about setting up in competition? I would look that up first. Is the work he will be doing/services he would be offering pretty much exactly what his current company do?

Regarding setting up as self-employed I think the business link website is a good source of info and easy to follow. http://www.businesslink.gov.uk/bdotg/action/layer?r.s=tl&topicId=1073858805

Anoon

I am unsure, it is a very informal company and he hasn't signed a new contract since he started when he was younger quite a few years ago. Yes he will be doing pretty much the same service however looking more towards the home market instead of business market which he does mainly at work.

My point really is that I think if it gets to that stage of being found out, he may be ready to go alone, or he may try and he might not get anywhere with it. I just feel he is on a very low wage ( he does to ) and if we try and it messes up , it wouldnt be that hard to walk into a job with the same pay. I think the step would be scaryier if he were on alot of money

Hannah_10

DFW is not the best board for this, while some here have some business nous, the concentrations of people who do are found at Small Biz and Charity Organisers Money Saving (click to go).

If you are worried about people seeing you should know this is a public forum, which means anyone can read it and it's advertised weekly to several million on Martins weekly email list. On the other hand, you haven't said anything identifying and you would have to be very paranoid to suspect the employer of reading boards like this pre-emptively.

Anoon

Hi

I was posting on DFW as i have had loads of threads on here recently about my situation ( debt) the reason we are contemplating this is to help get out of debt, but we are also aware it could go wrong and he could lose his job therefore making the debt worse, is just why I wanted some advice as you are all great at this

Yes I know im being v paranoid aswell lol sorry

Hannah_10

The thing is, debt is what we know about, I can't tell you the first thing about tax or VAT (and that is even having been self employed and having had my own sole-trader business). I understand debt is the motivator, but debt isn't the issue. I'm in debt and if I need advice on my dog I ask the pet board. I don't mean that to sound like we don't want you here, I hope it doesn't, but that you are missing a trick not putting this on the other board.

Anoon

Thanks, I will do

beanielou

There might be something in the company handbook(if there is one!)

JimSAFC

It seems like you just want someone to talk you into something you're going to do anyway ;-) I'd say go for it, do it in your name initially like I think you're implying. No need to register as a business for the time being. Don't worry about Tax/Vat until you are sure the venture will pay off, then see an accountant and they will back date your business to when you started up. There is nothing lost in having a go at it and seeing how the land lies.

JimSAFC

Anoon wrote: »

Hi

I was posting on DFW as i have had loads of threads on here recently about my situation ( debt) the reason we are contemplating this is to help get out of debt, but we are also aware it could go wrong and he could lose his job therefore making the debt worse, is just why I wanted some advice as you are all great at this

Yes I know im being v paranoid aswell lol sorry

If you did go ahead with it and started in your name I can't see any reason why his job would be in any jeopardy at all.