New Enterprise Allowance scheme - My story

Andy2013

BigAl127 , I wont elaborate to much as it would be foolish to give away all my secrets , but I sell items of a specialist nature in a niche market at this time, sorry I cant say more but everyone would be cashing in and I spent a couple of months researching and sourcing my stock before I went self employed to ensure it would work long term.

CuriousWorker, your council sound a bunch of rotten s***** , my understanding is that HB / CTB is gradually reduced as self employment starts to pay of and PROFIT comes in, yes they want to see books, bank details etc but as you have not started barely trading yet they should not have stopped your money until you earn over there threshold , something has either gone wrong or they are upset at another issue !!

If you want a business long term then you will need a separate bank account and paypal account ,no successful business I have ever heard of uses there personal account , it does not have to be a flash one , mine is basic but it does the job.

Every penny going through that account is business related and can be shown to a book keeper easily without having to ignore your personal spending's , i.e. groceries !!

If you receive money in paypal it will be linked via paypal to another account, personal/business , and it will be classed as income and yes it will be enough for your reference/bookkeeping.

Your tone is highly stressed bless you , good luck with self employment ,the stress has only just started .:D

CuriousWorker

Andy2013 wrote: »

CuriousWorker, your council sound a bunch of rotten s***** , my understanding is that HB / CTB is gradually reduced as self employment starts to pay of and PROFIT comes in, yes they want to see books, bank details etc but as you have not started barely trading yet they should not have stopped your money until you earn over there threshold , something has either gone wrong or they are upset at another issue !!

I guess I'll find out when I hand all of the paperwork in (all the paperwork I've got anyway).

If you want a business long term then you will need a separate bank account and paypal account

This one I'm still a little unclear over. I have a business Paypal account but after upgrading I no longer have a personal Paypal account - do I use this for both personal and business payments and just send business payments to my business bank account and personal payments to my personal bank account? Or is there some way to switch between business and personal on Paypal (I've looked and can't see any possible way of doing this).

If you receive money in paypal it will be linked via paypal to another account, personal/business

You can only have one Paypal account, once I upgraded to a business account I no longer have a personal account any more (?).

Your tone is highly stressed bless you , good luck with self employment ,the stress has only just started .:D

Oh I know I know! Nah, just want to make sure I've got everything straight right from the beginning to prevent anything unexpected further down the road.

Andy2013

Look we are all in this together and we need to help each other out because NEA wont b***** do it , so CuriousWorker have a cuddle , (don't know whether your a him or her , who cares :grouphug: )

Your paypal is a problem as I guess you want to use it for personal as well .

I understand you can only have one account in your name per address, or something like that , but you can link multiple bank accounts to it so yes I suppose it would work to put personal payments into one account and business payments into another bank account.

A little bit more work when doing books etc but it should work.

It sounds simple anyway .................. bound to be another nightmare :eek:

CuriousWorker

Your paypal is a problem as I guess you want to use it for personal as well .

Of course. What if I want to sell a personal item on ebay??

Andy2013

ps , that's supposed to be a cuddle those 3 are having above , don't get ideas CuriousWorker :rotfl:

Andy2013

Then get the money sent to a personal bank account linked to that paypal , I guess.

CuriousWorker

Andy2013 wrote: »

Then get the money sent to a personal bank account linked to that paypal , I guess.

Exactly! Because you cannot have a seperate Paypal account from your personal one.

Andy2013

A paypal account is essentially only a transfer point from one persons bank to another with the payal bit in the middle ,

Mr X could have 10 bank accounts linked to his paypal, withdraw money from any one , into his paypal , send it to MRS X's paypal and she can withdraw it to any of her 10 linked bank accounts.

Done !

CuriousWorker

Andy2013 wrote: »

A paypal account is essentially only a transfer point from one persons bank to another with the payal bit in the middle ,

Mr X could have 10 bank accounts linked to his paypal, withdraw money from any one , into his paypal , send it to MRS X's paypal and she can withdraw it to any of her 10 linked bank accounts.

Done !

Yes, though Paypal is also licensed as a bank.

NYM

You can have two Paypal accounts. They just can't be linked to the same e-mail account. Have one for personal use and the other linked to your business activities. It makes it so much easier from a record keeping perspective to have two separate accounts.

https://www.paypal.com/helpcenter/main.jsp;jsessionid=kMzqLsdD7BQJ2zTvbLKrZRtfrChJnCYmGCv1CnYfspwf8pg2bHzz!78253683?t=solutionTab&ft=homeTab&ps=&solutionId=163079&locale=en_GB&_dyncharset=UTF-8&countrycode=GB&cmd=_help&serverInstance=9020