New business start up

jdotl

Hi everyone..

I just need some advice and answers for the following questions:

I'm planning on opening a new online store for clothing and accessories. I have nearly everything sorted from a supplier to functionally website. However I don't know the legal aspects/side to starting an online business.

Firstly, what forms do I have to complete in order to start a business and not get into any trouble with HMRC etc?

Secondly, where should I register my business at? This is the hard part, my university doesn't allow us to use my accommodation address to run a business, so I can't register it here. And my parents are not willing to let me register it at their home.... So what is there I can do? Could I use a virtual office address or something like that? If I could, any suggestions on which company I should go with? Cheapest possible please... I live in London if that makes any difference.

Also, would I need and accountant etc? As that would mean extra money going out? :rolleyes: My predicted sales for the first year shouldn't be too high as it will only have just started and not many people will know about it, but as time goes on, hopefully it will pick up some pace in the orders I receive but for now, is an accountant required?

The online business is only going to be a side thing whilst I study.


Any help is highly appreciated.

Mistral001

jdotl wrote: »

Hi everyone..

I Secondly, where should I register my business at? This is the hard part, my university doesn't allow us to use my accommodation address to run a business, so I can't register it here. And my parents are not willing to let me register it at their home.... So what is there I can do? Could I use a virtual office address or something like that? If I could, any suggestions on which company I should go with? Cheapest possible please... I live in London if that makes any difference.

Any help is highly appreciated.

What do you mean "register the business"? Have you decided to go down the Ltd Company route?

AliceJenkins

Just start as a sole trader and you don't need accountant etc..

Your more than likely to loose a lot of money, so think twice with the online route.

jdotl

Mistral001 wrote: »

What do you mean "register the business"? Have you decided to go down the Ltd Company route?

No no, I'll be starting as a sole trader. However, I'm pretty sure the last time I was completing out some forms for HMRC regarding the business etc it asked for the address of the business? As it would be an online store, I'd normally put my home address, however....

My parents said that they didn't want me to have part of the house as registered for business purposes etc.. and they're not going to change their mind. I've tried persuading them, but it's been over a year now.. and I was thinking that maybe I should go and have one of those virtual offices where I can put that as a business address? Or doesn't it work like that??

paulwf

Where are you storing the stock, shipping it from, taking in deliveries and returns? Unless you are dropshipping wouldn't that mean you need business space of some sort?

accountingbod

it is true that you don't need an accountant for being a sole trader but be sure if going ahead to at least do some reading up on bookkeeping. This is not only to learn how to account for your revenue and costs but more importantly, if you set up your books early on it will be less hassle when you have to submit a return and also it means that daily/weekly/monthly etc... you can quickly analyse what parts of your business are doing well and which are not which will help you to make management choices about what to sell etc...
Best of luck with your business!

jhs4ess

Hi,

Sorry to latch onto your post but I am also considering starting a small business soon. If I am a sole trader does this mean I don't need to register with Companies House?

Thanks