Business Statup Question/Advice

millwalll

I am wanting to start a business maybe early next year and need some advice.

The plan is to carry on working and start the business on the side until its built up enough I can leave my job and run the business full time.

I would like to try and keep expenses to the minimal to start off with so trying to understand what exactly I need to start the business and the cost involved.

Question:
Will other companies deal with me if I don't have VAT number, Is it possible to get a VAT number without having any income and is there a cost to getting a VAT number?

If I setup a company can I claim back business expensive without having an income? For example at the start I would need to purchase some software and a server and some other bits to setup but wont necessary have a client base yet so can I expense these ?

Sole trader or Limited company? I understand that sole trader is easy to setup but all the risk is with me. And Limited is harder and maybe more expensive to setup but is less of a risk. Is there anything else I should consider ?

Is there way to hide my name when registering a company. The main reason for this is the business what I want to start is what I am currently employed to do. If they are made aware of this they may decide to sack me.

Anything else I should be thinking off what I may have missed.

Aquamania

millwalll wrote: »

I am wanting to start a business maybe early next year and need some advice.

The plan is to carry on working and start the business on the side until its built up enough I can leave my job and run the business full time.

I would like to try and keep expenses to the minimal to start off with so trying to understand what exactly I need to start the business and the cost involved.

Question:
Will other companies deal with me if I don't have VAT number,

Yes, hopefully.

millwalll wrote: »

Is it possible to get a VAT number without having any income

No, although it may be if you have plans to make taxable supplies

millwalll wrote: »

and is there a cost to getting a VAT number?

No

millwalll wrote: »

If I setup a company can I claim back business expensive without having an income?

No
You can't claim back any expenses, but you may be able to offset them against tax otherwise due.
But if you have no income, you have no tax to pay.

(If you pay tax on your day job, then it may be possible to claim a refund of some/all, but the tax man gets very twitchy about this nowadays. Seek advice from an accountant)

Sole trader or Limited company?

Something else you should ask your accountant about

Don't rely on advice from people you don't know on the internet, who don't know you or your intended business, and who you would would have no claim agfainst if the advice was wrong, not about such an importnat question/decision.

Is there way to hide my name when registering a company.

No, not really.
If you decide to form a limited company, your name as a director will be of public record.
If you are trading as self employed under a business name, you must disclose your actual name on certain documents.

millwalll

Thanks for the advice.

Mistral001

With regard to starting your business while still holding a job, I would read your present employment contract as it might prohibit it or prohibit it in certain circumstances.