Business startup

ozdemirozgur

Hi,

I am planning to do some translation, and editing jobs in addition to my full time job. I am already working in a company as a full time, but not sure what I need to do start doing this second additional work. It will be a very small business and limited income. Do I need to register as a company ? what is the process ? can I just start doing it ? In case I also would like to work with other translators, and get a commission on the work I will find for them, is it going to be different ?

Flyonthewall

Hi. You don't need to register as a company, you could be a sole trader. If you wished to (for example, if you had various costs or staff etc) you could become a limited company. That way if anything went wrong you wouldn't personally be responsible for any debts.

You do need to declare any earnings you make. You can just start straight away, but make sure you keep a record of what you do.

The HMRC has all the information you need to know about income/businesses.

Brassedoff

It's easy enough, just start as a sole trader, go and search Google for some free accounting software. If you get busier you may need something more substantial.

Are you planning to just do plan old commercial translations or are you looking to certify the documents you make as copies?

I ask as the latter is where more money is to be made.

ozdemirozgur

Hi,

sorry I am getting a bit confused.

I have never done small/large etc personal business here apart from working as a labor.

I am going to certify the translations, and maybe laos use some proof readers for me. I am not going to employ them, basically will add my commission on tope of their invoices.

Do I need to print an invoice ? If so, what sort of information I need on it ?

how HMRC will know what I am doing ? how much I am making etc. how they need to be informed ?

thanks

gb12345

ozdemirozgur wrote: »

I am going to certify the translations, and maybe laos use some proof readers for me. I am not going to employ them, basically will add my commission on tope of their invoices.

Your proofwriters will invoice you and you will pay them. This will be a business expense that you can put on your tax return.

ozdemirozgur wrote: »

Do I need to print an invoice ? If so, what sort of information I need on it ?

You will invoice your client and the invoice should show the amount and a description of what it is for and also your business name (including t/a details if you decide to trade in anything other than your own name).

ozdemirozgur wrote: »

how HMRC will know what I am doing ? how much I am making etc. how they need to be informed ?

You register as self employed with HMRC and then each year you do a self-assessment form, where you tell them your income and also detail your business expenses (make sure you keep copies of all your incoming and outgoing invoices).

ozdemirozgur

Hi,

but I am not self employed. I am already working full time. can I still do it ?

thanks

gb12345

ozdemirozgur wrote: »

but I am not self employed. I am already working full time. can I still do it ?

You will be self-employed though when you start your new business.

You are allowed to be self-employed and employed at the same time and your tax return will show the money that you earned through your job and also your self-employed earnings/expenses.

Flyonthewall

ozdemirozgur wrote: »

how HMRC will know what I am doing ? how much I am making etc. how they need to be informed ?

thanks

I don't know how much information you will be telling them (someone else might) so not sure if they'll know exactly what you're doing, but they'll know how much you're making because you'll declare all earnings to them.

I'm sure there are forms you need to fill in which will give them the information they need to know. As I said before, all the information is on their website.