Any tips

Sncjw

Hi I am wanting to start a photogrpahy business and wondered how I go about setting up a new business. I know you have to register as self employed but I don't know which one to do limited company or just self employed. I currently work full time as a paye employee. How would I go about sorting stuff out to make my business official. I haven't got any clients as of yet

Fireflyaway

I'm not an expert but I decided to start a training company and so I thought of a name and registered as a limited company. I found all the details how to do it via companies house. it was pretty quick and easy and not expensive. I'd recommended you then employ the services of an accountant to advise you on tax etc.

Carl31

are you planning on doing the business parallel to your employment for the time being? I wouldn't worry about the ltd company route just yet if its a sideline. You can do self assessment for tax, just make sure you keep records of your invoices and business related expenditure, but you will need to register online with the government gateway website

You need to make sure you create appropriate invoices, which you can do on your computer, maybe get a basic accounting package. When things start to pick up you can start thinking about more scalable solutions, but wait to see how things progress first. If you are going straight in FT, then you may need to think about things a bit more formally

Sncjw

At the moment it will be weekend based and mobile. As I don't want to leave my job untill I know I can make the photogrpahy viable

Sncjw

How do I determine what is a profit for tax purposes as I belive you pay tax on profits. I have the equipment ready.

Carl31

Sncjw wrote: »

How do I determine what is a profit for tax purposes as I belive you pay tax on profits. I have the equipment ready.

The Self assesment form splits it all out for you, best thing to do is sign up to the government gateway, register for SA, and have a look at what is needed

If in doubt, ask an accountant

z1a

I'd learn how to spell photography first.

ohreally

z1a wrote: »

I'd learn how to spell photography first.

And obtain consent from your employer beforehand.

z1a

ohreally wrote: »

And obtain consent from your employer beforehand.

More than likely not needed, unless there's a conflict of interest.

ohreally

z1a wrote: »

More than likely not needed, unless there's a conflict of interest.

Public service employer, consent required.

Sncjw

Already informed them and no conflict.

I apologise to the spelling police I was on my phone.